The St. Joseph, MO market saw a drop in new home closings year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 4 a year earlier to 2 after the figure moved from 6 in May 2015 to 1 in May 2016.
New home closings were 2 out of the 185 total closings, a move on a percentage basis from 4 of 207 a year earlier. Following a year-over-year increase in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
The average new home value went from $151,058 last year to $216,933. This followed a 16.8% rise in May year-over-year.
Average mortgage size on new homes rose from $139,297 to $201,950. Average mortgage size on new homes went from $166,129 in May 2015 to $180,157 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes rose from 1,345 square feet a year earlier to 1,432 square feet.
Together, foreclosures plus REO closings represented 20.2% of existing home closings. In June 2015, they accounted for 20.2%. The percentage of existing home closings involving foreclosures stayed at 10.8% of closings in June from a year earlier and REO closings as a percentage of existing home closings stayed level at 9.3%.