In the St. Joseph, MO market, closings of new homes sank year-over-year in April, declining after staying relatively stable 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.

On a percentage basis, new home closings as a part of total closings decreased to no part from 1.2% a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.

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 fell to 9.2% from 11.7% a year earlier.

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