In the Topeka, KS market, closings of new homes fell year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 3 a year earlier to none after the figure moved from 11 in June 2014 to 6 in June 2015.
New home closings were none out of the 382 total closings, a move on a percentage basis from 3 of 401 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also fell year-over-year in July.
Other Market Trends
There were no new home closings in July 2015, but average size of newly sold homes was 2,029 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 12.0% of existing home closings, down from 12.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.1% in July from 6.0% a year earlier while REO closings as a percentage of existing home closings increased to 8.9% from 6.8%.