New home closings in the St. Joseph, MO market stayed the same 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.
New home closings were 1 out of the 190 total closings, a move on a percentage basis from 1 of 134 a year earlier. Following a drop in August year-over-year, closings of new and existing homes rose year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes rose to $218,625 from last year's $193,664. This followed a.
The average mortgage size moved to $174,900, down from last year's $191,747.
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 decline from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.0% of existing closings, lower than 25.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.3% in September from 15.0% a year earlier while REO closings as a percentage of existing home closings jumped to 11.6% from 10.5%.