In the Springfield, MO market, closings of new homes slid year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 27 a year earlier to 13 after the figure moved from 36 in August 2014 to 12 in August 2015.
A total of 146 new homes were sold during the 12 months that ended in September, down from 160 for the year that ended in August.
New home closings represented 13 out of the 930 total closings, which is a smaller percentage than the 27 of 772 total closings a year earlier. After staying stable in August from a year earlier, closings of new and existing homes rose in September.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $220,920, down from last year's $235,177. This was on the heels of a 10.6% surge in August year-over-year.
There was a decline in average mortgage size on new homes, going from $196,796 last year to $184,390 in September 2015. Average mortgage size on new homes went from $168,304 in August 2014 to $184,637 in August 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 September 2015.
The average unit size of newly sold homes fell from 2,089 square feet a year earlier to 1,795 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 13.0% of existing home closings, down from 16.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.1% in September from 7.8% a year earlier and REO closings moved from 8.5% of existing home closings in September 2014 to 7.9% in September 2015.