In April, the St. Joseph, MO market saw a fall year-over-year in new home closings, falling after remaining level in March from the year earlier. Closings stood at 0 in April after being 2 a year earlier and remaining unchanged at 1 in March from a year earlier.
Last year, 2 of 165 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 163 total closings. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in April from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 25.8% of existing home closings, up from 24.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.6% in April from 12.9% a year earlier while REO closings as a percentage of existing home closings declined to 9.2% from 11.7% a year earlier.