There was an increase in new home closings in the Lawrence, KS market in June year-over-year, but the increase was less than May 2015. New home closings moved from 10 a year earlier to 13 after the figure moved from 3 in May 2014 to 9 in May 2015.
A total of 90 new homes were sold during the 12 months that ended in June, up from 87 for the year that ended in May.
13 of the 316 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. For new and existing homes, closings grew year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average new home value went from $333,156 last year to $347,082. This came after a 43.4% drop in May from a year earlier.
Average mortgage size on new homes went from $266,525 a year earlier to $288,088. Average mortgage size on new homes went from $327,417 in May 2014 to $185,183 in May 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 June 2015.
Combined, foreclosures plus REO closings accounted for 7.6% of existing home closings. In June 2014, they made up 7.5%. The percentage of existing home closings involving foreclosures went from 2.1% in June 2014 to 2.6% in June 2015 and REO closings moved from 5.4% of existing home closings in June 2014 to 5.0% in June 2015.