The Columbia, MO market saw a drop in new home closings year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 13 a year earlier to 4 after the figure moved from 24 in June 2014 to 4 in June 2015.
A total of 54 new homes were sold during the 12 months that ended in July, down from 63 for the year that ended in June.
New home closings were 4 out of the 393 total closings, down on a percentage basis from 13 of 321 a year earlier. Closings of new and existing homes rose year-over-year in July following a decline in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $208,329, compared with $254,010 last year. This was on the heels of a 51.4% hike in June year-over-year.
There was a decline in average mortgage size on new homes, going from $203,208 last year to $166,663 in July 2015. Average mortgage size on new homes went from $222,893 in June 2014 to $335,270 in June 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 1,907 square feet a year earlier to 1,988 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 6.9% of existing home closings, down from 7.1% a year earlier. The percentage of existing home closings involving foreclosures went from 3.6% in July 2014 to 2.8% in July 2015 and REO closings moved from 3.6% of existing home closings in July 2014 to 4.1% in July 2015.