Closings of new homes in the Joplin, MO market grew year-over-year in August, but the increase was less than July 2015. New home closings moved from 6 a year earlier to 7 after the figure moved from 11 in July 2014 to 13 in July 2015.
A total of 118 new homes were sold during the 12 months that ended in August, up from 117 for the year that ended in July.
New home closings were 7 of the 280 total closings, up on a percentage basis from 6 of 433 a year earlier. For new and existing homes, closings slid in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $144,039 from last year's $135,275. This followed a 19.3% fall in July from a year earlier.
Average mortgage size on new homes went from $114,847 a year earlier to $135,160. Average mortgage size on new homes went from $142,881 in July 2014 to $123,086 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 11.4% of closings, below 13.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.1% in August from 6.6% a year earlier and REO closings moved from 6.8% of existing home closings in August 2014 to 6.2% in August 2015.