The St. Joseph, MO market saw a drop in new home closings year-over-year in December, falling after remaining level in November from the year earlier. Closings stood at 1 in December after being 3 a year earlier and remaining unchanged at 2 in November from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.2% a year earlier. Closings of new and existing homes rose year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $358,125, an increase from $216,896 a year earlier. This was on the heels of a 33.6% drop in November from a year earlier.
The average mortgage size on new homes was $286,500, up from $193,517. Average mortgage size on new homes went from $216,828 in November 2014 to $144,000 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 25.5% of existing home closings, below 25.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.3% in December from 13.5% a year earlier while REO closings as a percentage of existing home closings gained to 15.2% from 12.0%.