New home closings in the Joplin, MO market rose year-over-year in July, rebounding from a year-over-year decline in June 2015. New home closings moved from 11 a year earlier to 13 after the figure moved from 15 in June 2014 to 10 in June 2015.
A total of 116 new homes were sold during the 12 months that ended in July, up from 114 for the year that ended in June.
New home closings were 13 out of 317 total closings, making up 4.1%. This is up on a percentage basis from 11 of 396 a year earlier. For new and existing homes, closings slid in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $141,462, down from last year's $175,204. This was on the heels of a 10.1% drop in June from a year earlier.
The average mortgage size moved to $123,086, down from last year's $142,881. Average mortgage size on new homes went from $136,370 in June 2014 to $128,689 in June 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 July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.5% of closings, below 18.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.6% in July from 5.5% a year earlier while REO closings as a percentage of existing home closings fell to 6.9% from 13.0% a year earlier.