In the Columbia, MO market, closings of new homes fell year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 42 a year earlier to 8 after the figure moved from 32 in May 2015 to 4 in May 2016.
A total of 146 new homes were sold during the 12 months that ended in June, down from 180 for the year that ended in May.
New home closings were 9.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 8 of the 429 total closings. After rising year-over-year in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $226,421, down from last year's $284,279. This followed a 1.7% fall in May from a year earlier.
Average mortgage size on new homes fell from $235,125 to $187,695. Average mortgage size on new homes went from $252,125 in May 2015 to $242,925 in May 2016.
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 1,899 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 4.3% of closings, below 4.8% a year earlier. The percentage of existing home closings involving foreclosures went from 2.4% in June 2015 to 1.4% in June 2016 and REO closings moved from 2.4% of existing home closings in June 2015 to 2.9% in June 2016.