The Columbia, MO market saw a drop in new home closings year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 14 a year earlier to 1 after the figure moved from 13 in July 2014 to 4 in July 2015.
A total of 41 new homes were sold during the 12 months that ended in August, down from 54 for the year that ended in July.
New home closings were 1 out of the 266 total closings, down on a percentage basis from 14 of 305 a year earlier. After rising year-over-year in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $177,500, down from $259,205 a year earlier. This was on the heels of a 18.0% decline in July from a year earlier.
The average mortgage size went down to $142,000 from $222,940 a year earlier. Average mortgage size on new homes went from $203,208 in July 2014 to $166,663 in July 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.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 11.3% of existing home closings, higher than 6.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.7% in August from 2.1% a year earlier while REO closings as a percentage of existing home closings climbed to 5.7% from 4.1%.