Closings of new homes in the St. Joseph, MO market declined year-over-year in July, a decline following a rise in June 2015. New home closings moved from 1 a year earlier to none after the figure moved from 2 in June 2014 to 3 in June 2015.

New home closings were none out of the 194 total closings, a move on a percentage basis from 1 of 178 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also increased year-over-year in July.

Other Market Trends

There were no new home closings in July 2015, but average size of newly sold homes was 2,464 a year earlier.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.6% of closings, below 20.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.3% in July from 9.0% a year earlier while REO closings as a percentage of existing home closings slid to 7.2% from 11.9% a year earlier.

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