In December, the Springfield, MO market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the November 2015. New home closings moved from 24 a year earlier to 14 after the figure moved from 21 in November 2014 to 16 in November 2015.
A total of 351 new homes were sold during the 12 months that ended in December, down from 361 for the year that ended in November.
New home closings were 14 out of the 781 total closings, down on a percentage basis from 24 of 658 a year earlier. Following a year-over-year increase in November, closings of new and existing homes also jumped year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $238,499, up from $203,692 a year earlier. This came after a 13.0% boost in November year-over-year.
Average mortgage size on new homes went from $171,263 a year earlier to $192,557. Average mortgage size grew 9.2% in November 2015 from a year earlier.
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.
The average unit size of newly sold homes fell from 2,096 square feet a year earlier to 1,978 square feet.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 16.6% of existing home closings, higher than 15.0% a year earlier. The percentage of existing home closings involving foreclosures went from 7.3% in December 2014 to 6.5% in December 2015 and REO closings as a percentage of existing home closings climbed to 10.0% from 7.7%.