The Lawrence, KS market saw an increase in closings of new homes in August year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 6 a year earlier to 7 after the figure moved from 11 in July 2014 to 4 in July 2015.
A total of 88 new homes were sold during the 12 months that ended in August, up from 87 for the year that ended in July.
7 of the 184 total closings were new home closings, a shift on a percentage basis from 6 out of 151 a year earlier. For new and existing homes, closings jumped year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $296,571, down from last year's $386,160. This followed a 13.4% hike in July year-over-year.
The average mortgage size moved to $244,817, down from last year's $324,804. Average mortgage size on new homes went from $256,813 in July 2014 to $277,701 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 11.9% of existing closings, lower than 13.1% a year earlier. The percentage of existing home closings involving foreclosures went from 5.5% in August 2014 to 5.1% in August 2015 and REO closings moved from 7.6% of existing home closings in August 2014 to 6.8% in August 2015.