In the St. Joseph, MO market, new home closings dropped year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 6 a year earlier to 1 after the figure moved from 2 in April 2015 to none in April 2016.
Last year, 6 of 166 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 173 total closings. New and existing home closings grew in May after a remaining level in April from a year earlier.
Pricing and Mortgage Trends
The average price of new homes rose to $225,196 from last year's $192,835. This was on the heels of a.
The average mortgage size on new homes was $180,157, up from $166,129.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes rose from 1,416 square feet a year earlier to 1,447 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 18.6% of closings, below 30.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.7% in May from 11.2% a year earlier while REO closings as a percentage of existing home closings slid to 14.0% from 19.4% a year earlier.