New home closings fell year-over-year in November in the Lawrence, KS market, a decline following a rise in October 2015. New home closings moved from 7 a year earlier to 6 after the figure moved from 6 in October 2014 to 12 in October 2015.

A total of 95 new homes were sold during the 12 months that ended in November, down from 96 for the year that ended in October.

New home closings were 6 out of the 139 total closings, a move on a percentage basis from 7 of 133 a year earlier. Following a year-over-year increase in October, closings of new and existing homes also climbed year-over-year in November.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $377,476 from $334,063 a year ago. This was on the heels of a 39.0% lift in October year-over-year.

Average mortgage size on new homes increased to $301,981 from $267,250 last year. Average mortgage size on new homes went from $271,687 in October 2014 to $389,535 in October 2015.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 14.3% of existing home closings, up from 12.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.3% in November from 6.3% a year earlier while REO closings as a percentage of existing home closings rose to 9.0% from 6.3%.

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