In the Springfield, MO market in August, closings of new homes sank year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 37 a year earlier to 11 after the figure moved from 37 in July 2014 to 19 in July 2015.
A total of 159 new homes were sold during the 12 months that ended in August, down from 185 for the year that ended in July.
New home closings represented 11 out of the 790 total closings, which is a smaller percentage than the 37 of 832 total closings a year earlier. After rising year-over-year in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average new home value went from $199,104 last year to $233,610. This was on the heels of a 9.7% rise in July year-over-year.
The average mortgage size on new homes was $192,579, up from $166,761. In July 2015, average mortgage size rose 10.3% 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 August 2015.
The average unit size of newly sold homes fell from 2,010 square feet a year earlier to 1,799 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 9.8% of existing home closings, down from 11.4% a year earlier. The percentage of existing home closings involving foreclosures went from 3.6% in August 2014 to 4.5% in August 2015 and REO closings as a percentage of existing home closings fell to 5.3% from 7.8% a year earlier.