In August, closings of new homes grew year-over-year in the Joplin, MO market, but the increase was less than July 2015. New home closings moved from 6 a year earlier to 7 after the figure moved from 11 in July 2014 to 13 in July 2015.
A total of 118 new homes were sold during the 12 months that ended in August, up from 117 for the year that ended in July.
New home closings were 7 out of 280 total closings, making up 2.5%. This is up on a percentage basis from 6 of 433 a year earlier. For new and existing homes, closings declined in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $144,039 from $135,275 a year ago. This came after a 19.3% decline in July from a year earlier.
Average mortgage size on new homes increased to $135,160 from $114,847 last year. Average mortgage size on new homes went from $142,881 in July 2014 to $123,086 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 11.4% of existing home closings, down from 13.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.1% in August from 6.6% a year earlier and REO closings moved from 6.8% of existing home closings in August 2014 to 6.2% in August 2015.