There was a rise in closings of new homes in the Joplin, MO market in June year-over-year, rebounding from a year-over-year decline in May 2016. New home closings moved from 11 a year earlier to 18 after the figure moved from 12 in May 2015 to 10 in May 2016.
A total of 165 new homes were sold during the 12 months that ended in June, up from 158 for the year that ended in May.
New home closings were 18 of the 310 total closings, up on a percentage basis from 11 of 323 a year earlier. Following a year-over-year decline in May, closings of new and existing homes also declined year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $144,863, down from $150,515 a year earlier. This was on the heels of a 22.8% drop in May from a year earlier.
Average mortgage size on new homes fell from $130,695 to $127,036. Average mortgage size on new homes went from $139,722 in May 2015 to $107,342 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.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 17.1% of existing home closings, higher than 15.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.3% in June from 7.1% a year earlier while REO closings as a percentage of existing home closings sank to 6.8% from 8.3% a year earlier.