In June, the Topeka, KS market saw a drop year-over-year in new home closings, dropping after a year-over-year increase in May 2015. New home closings moved from 11 a year earlier to 5 after the figure moved from 3 in May 2014 to 5 in May 2015.

A total of 46 new homes were sold during the 12 months that ended in June, down from 52 for the year that ended in May.

New home closings represented 5 out of the 421 total closings, which is a smaller percentage than the 11 of 441 total closings a year earlier. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.

Pricing and Mortgage Trends

The average price of new homes rose to $275,192 from last year's $238,490. This came after a 10.5% rise in May year-over-year.

Average mortgage size on new homes rose from $201,347 to $237,734. Average mortgage size on new homes went from $213,898 in May 2014 to $202,170 in May 2015.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 7.7% of existing home closings, down from 16.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.7% in June from 7.7% a year earlier while REO closings as a percentage of existing home closings slid to 6.0% from 8.6% a year earlier.

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