New home closings in the St. Joseph, MO market were unchanged year-over-year in March, staying level after a year-over-year increase in February from a year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in February 2015 to 4 in February 2016.
1 of the 157 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Following a year-over-year rise in February, closings of new and existing homes slid year-over-year in March.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 19.9% of closings, below 20.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.3% in March from 11.8% a year earlier while REO closings as a percentage of existing home closings grew to 11.5% from 8.9%.