In the Topeka, KS market, new home closings declined year-over-year in April, 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.
On a percentage basis, new home closings as a part of total closings decreased to 0.3% from 1.6% a year earlier. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $105,024, down from $200,899 a year earlier. This followed a 48.3% rise in March year-over-year.
There was a decline in average mortgage size on new homes, going from $178,418 last year to $84,019 in April 2016. 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. Together, foreclosures plus REO closings accounted for 14.0% of existing home closings, down from 19.7% a year earlier. The percentage of existing home closings involving foreclosures sank 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.