The Topeka, KS market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 2 a year earlier to 1 after the figure moved from 2 in February 2015 to none in February 2016.
Out of the 339 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year rise in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $168,589 last year to $250,000. This followed a.
Average mortgage size on new homes increased to $200,000 from $166,920 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes rose from 1,961 square feet a year earlier to 2,498 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 20.4% of existing home closings, below 71.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.6% in March from 4.6% a year earlier while REO closings as a percentage of existing home closings sank to 11.8% from 66.7% a year earlier.