In December, there was a drop year-over-year in new home closings in the Columbia, MO market, and the decline was by a larger percentage than the November 2015. New home closings moved from 25 a year earlier to 8 after the figure moved from 15 in November 2014 to 8 in November 2015.
A total of 268 new homes were sold during the 12 months that ended in December, down from 285 for the year that ended in November.
New home closings were 8 out of the 222 total closings, down on a percentage basis from 25 of 237 a year earlier. For new and existing homes, closings declined in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $293,703 from last year's $286,222. This followed a 28.6% bump in November year-over-year.
The average mortgage size on new homes was $262,597, up from $245,514. Average mortgage size on new homes went from $265,172 in November 2014 to $322,095 in November 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,324 square feet a year earlier to 2,683 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 6.1% of existing home closings, below 9.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.9% in December from 4.7% a year earlier and REO closings moved from 5.2% of existing home closings in December 2014 to 4.2% in December 2015.