The Joplin, MO market saw a rise in new home closings in March 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 increased year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $151,299, compared with $199,547 last year. This was on the heels of 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. Combined, foreclosures plus REO closings made up 20.0% of existing home closings, above 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 climbed to 8.9% from 5.4%.