New home closings sank year-over-year in July in the Columbia, MO market, but the decline was less than the year-over-year decline in June. New home closings moved from 40 a year earlier to 8 after the figure moved from 42 in June 2015 to 8 in June 2016.
A total of 114 new homes were sold during the 12 months that ended in July, down from 146 for the year that ended in June.
New home closings represented 8 out of the 339 total closings, which is a smaller percentage than the 40 of 435 total closings a year earlier. For new and existing homes, closings slid in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $342,889, up from $309,612 a year earlier. This came after a 20.4% drop in June from a year earlier.
Average mortgage size on new homes rose from $257,200 to $283,272. Average mortgage size on new homes went from $235,125 in June 2015 to $187,695 in June 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 July 2016.
The average unit size of newly sold homes went from 2,392 square feet in July 2015 to 2,408 square feet in July 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 6.3% of existing closings, lower than 7.3% a year earlier. The percentage of existing home closings involving foreclosures went from 3.0% in July 2015 to 3.9% in July 2016 and REO closings as a percentage of existing home closings dropped to 2.4% from 4.3% a year earlier.