Lawrence, KS - Recent Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: May 07, 2012 09:23:49 AM
In January, the Lawrence, KS market saw a fall year-over-year in new home sales, but the decline was less than the year-over-year decline in December. New home sales moved from six a year earlier to three after the figure moved from 11 in December 2010 to five in December 2011.
A total of 85 new homes were sold during the 12 months that ended in January, down from 88 for the year that ended in December.
New home sales were three of the 93 total sales, down on a percentage basis from six of 110 a year earlier. For new and existing homes, sales declined in January after also declining in December year-over-year.
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Pricing and Mortgage Trends
The average new home price was $172,050, down from $272,153 a year earlier. This followed a 21.3% drop in December from a year earlier.
The average mortgage size moved to $137,640, down from last year's $217,723. Average mortgage size on new homes went from $219,955 in December 2010 to $167,846 in December 2011. The overall percentage of sale price that was being financed was relatively unchanged from January 2011 to January 2012 at 80.0%. In December, the figure saw a 2.5 percentage point decline from a year earlier.
Lawrence, KS - Recent Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: May 07, 2012 09:23:49 AM
In January, the Lawrence, KS market saw a fall year-over-year in new home sales, but the decline was less than the year-over-year decline in December. New home sales moved from six a year earlier to three after the figure moved from 11 in December 2010 to five in December 2011.
A total of 85 new homes were sold during the 12 months that ended in January, down from 88 for the year that ended in December.
New home sales were three of the 93 total sales, down on a percentage basis from six of 110 a year earlier. For new and existing homes, sales declined in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $172,050, down from $272,153 a year earlier. This followed a 21.3% drop in December from a year earlier.
The average mortgage size moved to $137,640, down from last year's $217,723. Average mortgage size on new homes went from $219,955 in December 2010 to $167,846 in December 2011. The overall percentage of sale price that was being financed was relatively unchanged from January 2011 to January 2012 at 80.0%. In December, the figure saw a 2.5 percentage point decline from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in January 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in January, but did not appear to be dragging the market. Combined, foreclosures plus REO sales accounted for 18.9% of existing home sales, below 35.6% a year earlier. The percentage of existing home sales involving foreclosures fell to 4.4% in January from 18.3% a year earlier while REO sales as a percentage of existing home sales slipped to 14.4% from 17.3% a year earlier.
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Source: Housing Intelligence