The Columbia, MO market saw a drop in new home closings year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 7 a year earlier to 3 after the figure moved from 14 in August 2014 to 1 in August 2015.
A total of 37 new homes were sold during the 12 months that ended in September, down from 41 for the year that ended in August.
New home closings were 3.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 3 of the 292 total closings. Following a decline in August year-over-year, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
The average new home value went from $202,478 last year to $303,333. This came after a 31.5% fall in August from a year earlier.
Average mortgage size on new homes increased to $242,667 from $178,420 last year. Average mortgage size on new homes went from $222,940 in August 2014 to $142,000 in August 2015.
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.
The average unit size of newly sold homes rose from 1,799 square feet a year earlier to 2,729 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 9.3% of existing home closings, up from 8.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.9% in September from 3.4% a year earlier while REO closings as a percentage of existing home closings slid to 3.5% from 5.4% a year earlier.