Closings of new homes in the Joplin, MO market jumped year-over-year in April, and the increase was similar to March 2016. New home closings moved from 11 a year earlier to 22 after the figure moved from 7 in March 2015 to 14 in March 2016.
A total of 160 new homes were sold during the 12 months that ended in April, up from 149 for the year that ended in March.
New home closings were 22 of the 311 total closings, up on a percentage basis from 11 of 271 a year earlier. For new and existing homes, closings increased year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $145,075 from $141,302 a year ago. This was on the heels of a 24.2% decline in March from a year earlier.
Average mortgage size on new homes moved from $132,783 to $131,852. Average mortgage size on new homes went from $171,169 in March 2015 to $128,494 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 10.0% of existing home closings, below 12.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.7% in April from 5.8% a year earlier while REO closings as a percentage of existing home closings gained to 8.3% from 6.9%.