The Columbia, MO market saw a drop in new home closings year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 9 a year earlier to 2 after the figure moved from 25 in December 2014 to 8 in December 2015.
A total of 261 new homes were sold during the 12 months that ended in January, down from 268 for the year that ended in December.
New home closings were 5.4% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 165 total closings. Following a year-over-year decline in December, closings of new and existing homes also dropped year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $329,479, compared with $339,525 last year. This came after a 2.6% hike in December year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $286,557 to $263,583. Average mortgage size on new homes went from $245,514 in December 2014 to $262,597 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 fell from 2,610 square feet a year earlier to 2,378 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 14.7% of existing home closings, down from 15.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.2% in January from 6.9% a year earlier while REO closings as a percentage of existing home closings fell to 5.5% from 8.8% a year earlier.