In January, there was a drop year-over-year in new home closings in the Springfield, MO market, but the decline was less than the year-over-year decline in December. New home closings moved from 18 a year earlier to 11 after the figure moved from 24 in December 2014 to 14 in December 2015.
A total of 344 new homes were sold during the 12 months that ended in January, down from 351 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 2.0% from 3.0% a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $178,001, compared with $197,923 last year. This came after a 17.1% rise in December year-over-year.
The average mortgage size moved to $152,364, down from last year's $161,394. Average mortgage size on new homes went from $171,263 in December 2014 to $192,557 in December 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 January 2016.
The average unit size of newly sold homes rose from 2,006 square feet a year earlier to 2,177 square feet.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 19.9% of existing home closings, up from 18.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.2% in January from 8.8% a year earlier while REO closings as a percentage of existing home closings declined to 7.7% from 9.9% a year earlier.