There was a rise in new home closings in the Lawrence, KS market in October year-over-year, rebounding from a year-over-year decline in September 2015. New home closings moved from 6 a year earlier to 11 after the figure moved from 9 in September 2014 to 5 in September 2015.
A total of 95 new homes were sold during the 12 months that ended in October, up from 90 for the year that ended in September.
New home closings were 11 of the 160 total closings, up on a percentage basis from 6 of 153 a year earlier. After staying stable in September from a year earlier, closings of new and existing homes grew in October.
Pricing and Mortgage Trends
The average price of new homes rose to $479,597 from last year's $339,608. This was on the heels of a 16.6% drop in September from a year earlier.
Average mortgage size on new homes rose from $271,687 to $396,688. Average mortgage size on new homes went from $286,791 in September 2014 to $239,325 in September 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 October 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in October, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 10.1% of existing closings, lower than 12.2% a year earlier. The percentage of existing home closings involving foreclosures went from 4.8% in October 2014 to 5.4% in October 2015 and REO closings as a percentage of existing home closings dropped to 4.7% from 7.5% a year earlier.