Closings of new homes in the St. Joseph, MO market saw no change year-over-year in November, staying relatively stable after having decreased year-over-year in October. Closings remained level at 2 from a year earlier after the figure moved from 1 in October 2014 to none in October 2015.
New home closings were 2 out of the 167 total closings, a move on a percentage basis from 2 of 132 a year earlier. Following a decline in October year-over-year, closings of new and existing homes rose year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $180,000, down from $271,035 a year earlier. This followed a.
The average mortgage size went down to $144,000 from $216,828 a year earlier.
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 fell in November from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 27.3% of closings, below 35.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.8% in November from 15.4% a year earlier while REO closings as a percentage of existing home closings fell to 8.5% from 20.0% a year earlier.