In the Topeka, KS market, closings of new homes slid year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 8 a year earlier to 2 after the figure moved from 3 in November 2014 to none in November 2015.
New home closings were 2 out of the 348 total closings, down on a percentage basis from 8 of 318 a year earlier. For new and existing homes, closings rose year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $203,087, down from last year's $217,813. This came after a.
Average mortgage size on new homes fell from $179,902 to $162,470.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 2,185 square feet a year earlier to 1,928 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 11.3% of closings, below 22.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.9% in December from 11.9% a year earlier while REO closings as a percentage of existing home closings slid to 8.4% from 10.6% a year earlier.