In the Topeka, KS market in November, closings of new homes fell year-over-year, falling after remaining level in October from the year earlier. Closings stood at 0 in November after being 3 a year earlier and remaining unchanged at 4 in October from a year earlier.
New home closings represented none out of the 286 total closings, which is a smaller percentage than the 3 of 270 total closings a year earlier. After dropping in October from a year earlier, closings of new and existing homes climbed year-over-year in November.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 2,168 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.4% of closings, below 21.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.6% in November from 12.0% a year earlier while REO closings as a percentage of existing home closings increased to 10.8% from 9.0%.