In January, closings of new homes in the Joplin, MO market grew year-over-year, rebounding from a year-over-year decline in December 2015. New home closings moved from 10 a year earlier to 19 after the figure moved from 10 in December 2014 to 8 in December 2015.
A total of 146 new homes were sold during the 12 months that ended in January, up from 137 for the year that ended in December.
New home closings were 19 of the 241 total closings, up on a percentage basis from 10 of 255 a year earlier. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $146,881 from last year's $129,985. This followed a 7.7% fall in December from a year earlier.
Average mortgage size on new homes went from $121,910 a year earlier to $135,950. Average mortgage size on new homes went from $138,526 in December 2014 to $134,960 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 14.0% of existing home closings, below 15.5% a year earlier. The percentage of existing home closings involving foreclosures went from 7.3% in January 2015 to 6.8% in January 2016 and REO closings moved from 8.2% of existing home closings in January 2015 to 7.2% in January 2016.