In the Topeka, KS market in April, new home closings slid year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 7 a year earlier to 1 after the figure moved from 2 in March 2015 to 1 in March 2016.
New home closings were 1.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 344 total closings. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $105,024, down from last year's $200,899. This followed a 48.3% rise in March year-over-year.
Average mortgage size on new homes fell from $178,418 to $84,019. Average mortgage size on new homes went from $166,920 in March 2015 to $200,000 in March 2016.
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.
The average unit size of newly sold homes fell from 2,165 square feet a year earlier to 1,131 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 14.0% of existing closings, lower than 19.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.5% in April from 11.1% a year earlier and REO closings moved from 8.6% of existing home closings in April 2015 to 8.5% in April 2016.