In February, there was a fall year-over-year in new home closings in the Lawrence, KS market, a decline following a rise in January 2016. New home closings moved from 10 a year earlier to 4 after the figure moved from 4 in January 2015 to 8 in January 2016.
A total of 96 new homes were sold during the 12 months that ended in February, down from 102 for the year that ended in January.
New home closings were 4 out of the 136 total closings, down on a percentage basis from 10 of 127 a year earlier. Following a decline in January year-over-year, closings of new and existing homes climbed year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $344,423, compared with $383,515 last year. This came after a more than twofold boost in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $326,994 to $275,539. Average mortgage size on new homes went from $172,814 in January 2015 to $385,534 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 10.6% of existing home closings, below 12.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.1% in February from 4.3% a year earlier while REO closings as a percentage of existing home closings slid to 4.5% from 8.5% a year earlier.