Closings of new homes in the Topeka, KS market saw no change year-over-year in October, staying flat after advancing year-over-year in September from the year earlier. Closings remained level at 4 from a year earlier after the figure moved from 3 in September 2014 to 4 in September 2015.
4 of the 336 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. After rising year-over-year in September, closings of new and existing homes dropped year-over-year in October.
Pricing and Mortgage Trends
The average new home value went from $156,357 last year to $285,493. This came after a 1.6% fall in September from a year earlier.
Average mortgage size on new homes rose from $182,238 to $241,585. Average mortgage size on new homes went from $181,612 in September 2014 to $191,336 in September 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in October 2015.
The average unit size of newly sold homes went from 2,108 square feet in October 2014 to 2,093 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 15.7% of existing closings, lower than 17.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.5% in October from 10.0% a year earlier and REO closings moved from 7.2% of existing home closings in October 2014 to 8.1% in October 2015.