The Joplin, MO market saw an increase in closings of new homes in October year-over-year, but the increase was less than September 2015. New home closings moved from 10 a year earlier to 14 after the figure moved from 11 in September 2014 to 18 in September 2015.
A total of 140 new homes were sold during the 12 months that ended in October, up from 136 for the year that ended in September.
New home closings were 14 of the 255 total closings, up on a percentage basis from 10 of 407 a year earlier. Following a year-over-year decline in September, closings of new and existing homes also dropped year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes was $167,024, an increase from $151,497 a year earlier. This was on the heels of a 29.1% decline in September from a year earlier.
From the year-ago figure of $143,451, the average mortgage size on new homes moved up to $153,226. Average mortgage size on new homes went from $184,799 in September 2014 to $146,642 in September 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 13.7% of existing home closings, below 17.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.0% in October from 9.8% a year earlier and REO closings moved from 7.8% of existing home closings in October 2014 to 8.7% in October 2015.