In the Topeka, KS market in August, new home closings sank year-over-year, but the decline was less than the year-over-year decline in July. New home closings moved from 5 a year earlier to 3 after the figure moved from 3 in July 2014 to none in July 2015.
3 of the 374 total closings were new home closings, a shift on a percentage basis from 5 out of 407 a year earlier. For new and existing homes, closings fell in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $217,813, compared with $348,966 last year. This came after a.
The average mortgage size went down to $191,577 from $332,702 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 2,841 square feet a year earlier to 2,061 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.4% of existing closings, lower than 22.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.7% in August from 10.7% a year earlier while REO closings as a percentage of existing home closings declined to 9.7% from 11.4% a year earlier.