New home closings in the Topeka, KS market sank year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 5 a year earlier to 3 after the figure moved from 3 in July 2014 to none in July 2015.
New home closings were 3 out of the 374 total closings, a move on a percentage basis from 5 of 407 a year earlier. For new and existing homes, closings dropped in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $217,813, down from last year's $348,966. This came after a.
The average mortgage size went down to $191,577 from $332,702 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 2,841 square feet a year earlier to 2,061 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 12.4% of existing home closings, down from 22.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.7% in August from 10.7% a year earlier while REO closings as a percentage of existing home closings slid to 9.7% from 11.4% a year earlier.