Prices of New Homes Increase in Topeka, Sales Decline According to Latest Data
Posted on: Apr 06, 2013 07:33:56 AM
The Topeka, KS market saw a drop in new home closings year-over-year in December, dropping after a year-over-year increase in November 2012. New home closings moved from four a year earlier to three after the figure moved from one in November 2011 to four in November 2012.
A total of 49 new homes were sold during the 12 months that ended in December, down from 50 for the year that ended in November.
New home closings were three out of the 272 total closings, a move on a percentage basis from four of 251 a year earlier. For new and existing homes, closings rose year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $267,812 in December 2012, up from $259,791 a year earlier. This was on the heels of a 12.8% decline in November from a year earlier.
The average mortgage size on new homes was $238,062, up from $218,979. Average mortgage size on new homes went from $196,650 in November 2011 to $184,697 in November 2012. The overall percentage of sale price that was being financed increased 4.6 percentage points year-over-year to 88.9% in December 2012. This was another rise after November 2012 when there was a 6.2 percentage point rise from a year earlier.