In the Topeka, KS market, new home closings fell year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 2 a year earlier to none after the figure moved from 3 in January 2015 to 2 in January 2016.
None of the 285 total closings were new home closings, a shift on a percentage basis from 2 out of 253 a year earlier. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Other Market Trends
There were no new home closings in February 2016, but average size of newly sold homes was 2,150 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 18.6% of existing home closings, down from 25.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.1% in February from 10.4% a year earlier while REO closings as a percentage of existing home closings slid to 10.5% from 14.7% a year earlier.