In March, there was an increase in closings of new homes in the Joplin, MO market year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 7 a year earlier to 14 after the figure moved from 13 in February 2015 to 8 in February 2016.
A total of 149 new homes were sold during the 12 months that ended in March, up from 142 for the year that ended in February.
New home closings were 14 out of 284 total closings, making up 4.9%. This is up on a percentage basis from 7 of 268 a year earlier. For new and existing homes, closings climbed year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $151,299, down from $199,547 a year earlier. This followed a 18.9% drop in February from a year earlier.
Average mortgage size on new homes fell from $171,169 to $128,494. Average mortgage size on new homes went from $169,891 in February 2015 to $159,934 in February 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 increased in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 20.0% of existing home closings, up from 14.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.1% in March from 9.6% a year earlier while REO closings as a percentage of existing home closings grew to 8.9% from 5.4%.