In December, there was a fall year-over-year in new home closings in the Joplin, MO market, and the decline was by a larger percentage than the November 2015. New home closings moved from 10 a year earlier to 8 after the figure moved from 11 in November 2014 to 10 in November 2015.
A total of 137 new homes were sold during the 12 months that ended in December, down from 139 for the year that ended in November.
8 of the 274 total closings were new home closings, a shift on a percentage basis from 10 out of 360 a year earlier. Closings of new and existing homes dropped year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $145,406, down from last year's $157,506. This followed a 25.7% boost in November year-over-year.
The average mortgage size went down to $134,960 from $138,526 a year earlier. Average mortgage size on new homes went from $125,555 in November 2014 to $151,860 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 15.4% of existing closings, lower than 21.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.4% in December from 10.9% a year earlier while REO closings as a percentage of existing home closings slid to 9.0% from 10.6% a year earlier.