In May, the Topeka, KS market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in April. New home closings moved from 7 a year earlier to 5 after the figure moved from 8 in April 2015 to 5 in April 2016.
5 of the 477 total closings were new home closings, a shift on a percentage basis from 7 out of 424 a year earlier. Closings of new and existing homes grew year-over-year in May following a decline in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $219,308, down from last year's $289,884. This came after a 6.8% boost in April year-over-year.
The average mortgage size moved to $190,027, down from last year's $231,907. Average mortgage size on new homes went from $178,418 in April 2015 to $188,415 in April 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 May 2016.
The average unit size of newly sold homes fell from 2,770 square feet a year earlier to 1,669 square feet.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.5% of existing home closings, higher than 14.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.6% in May from 6.0% a year earlier and REO closings moved from 8.4% of existing home closings in May 2015 to 8.9% in May 2016.