In the Columbia, MO market, closings of new homes slid year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 7 a year earlier to 3 after the figure moved from 14 in August 2014 to 1 in August 2015.
A total of 37 new homes were sold during the 12 months that ended in September, down from 41 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 3.3% a year earlier. Following a decline in August year-over-year, closings of new and existing homes increased year-over-year in September.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $303,333 from $202,478 a year ago. This was on the heels of a 31.5% drop in August from a year earlier.
Average mortgage size on new homes went from $178,420 a year earlier to $242,667. Average mortgage size on new homes went from $222,940 in August 2014 to $142,000 in August 2015.
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 rose from 1,799 square feet a year earlier to 2,729 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 9.3% of existing home closings, up from 8.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.9% in September from 3.4% a year earlier while REO closings as a percentage of existing home closings slid to 3.5% from 5.4% a year earlier.