The St. Joseph, MO market saw an increase in closings of new homes in February year-over-year,. New home closings moved from 2 a year earlier to 4 after the figure moved from none in January 2015 to 3 in January 2016.
New home closings were 4 out of 136 total closings, making up 2.9%. This is up on a percentage basis from 2 of 117 a year earlier. For new and existing homes, closings gained year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $198,514, down from last year's $365,875. This followed a shift from no closings in January 2015 to an average price of $210,050 in January 2016.
The average mortgage size went down to $158,811 from $292,700 a year earlier.
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 fell from 2,150 square feet a year earlier to 1,384 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 22.7% of closings, below 31.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.6% in February from 15.7% a year earlier while REO closings as a percentage of existing home closings slid to 12.1% from 15.7% a year earlier.