Closings of new homes in the St. Joseph, MO market remained unchanged year-over-year in September, staying level after a year-over-year decline in August from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in August 2014 to none in August 2015.
1 of the 190 total closings were new home closings, a shift on a percentage basis from 1 out of 134 a year earlier. After dropping in August from a year earlier, closings of new and existing homes jumped year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $218,625, up from $193,664 a year earlier. This came after a.
The average mortgage size went down to $174,900 from $191,747 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 18.0% of existing home closings, below 25.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.3% in September from 15.0% a year earlier while REO closings as a percentage of existing home closings grew to 11.6% from 10.5%.