The Springfield, MO market saw a drop in new home closings year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 27 a year earlier to 13 after the figure moved from 36 in August 2014 to 12 in August 2015.
A total of 146 new homes were sold during the 12 months that ended in September, down from 160 for the year that ended in August.
New home closings represented 13 out of the 930 total closings, which is a smaller percentage than the 27 of 772 total closings a year earlier. After remaining steady in August from a year earlier, closings of new and existing homes climbed in September.
Pricing and Mortgage Trends
The average per-unit price of new homes was $220,920, compared with $235,177 last year. This was on the heels of a 10.6% gain in August year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $196,796 to $184,390. Average mortgage size on new homes went from $168,304 in August 2014 to $184,637 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes fell from 2,089 square feet a year earlier to 1,795 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 13.0% of existing closings, lower than 16.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.1% in September from 7.8% a year earlier and REO closings moved from 8.5% of existing home closings in September 2014 to 7.9% in September 2015.