In the Lawrence, KS market, new home closings slid year-over-year in June, dropping after a year-over-year increase in May 2016. New home closings moved from 14 a year earlier to 8 after the figure moved from 12 in May 2015 to 14 in May 2016.
A total of 93 new homes were sold during the 12 months that ended in June, down from 99 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 3.0% from 4.3% a year earlier. After rising year-over-year in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $312,422, down from last year's $346,596. This was on the heels of a 9.5% rise in May year-over-year.
There was a decline in average mortgage size on new homes, going from $286,831 last year to $264,352 in June 2016. Average mortgage size on new homes went from $235,539 in May 2015 to $249,919 in May 2016.
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.
The average unit size of newly sold homes fell from 1,930 square feet a year earlier to 1,883 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 5.1% of existing home closings, below 7.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.6% in June from 2.6% a year earlier while REO closings as a percentage of existing home closings declined to 3.5% from 4.9% a year earlier.