The Joplin, MO market saw a drop in new home closings year-over-year in May, sliding after a growth in April 2016. New home closings moved from 12 a year earlier to 10 after the figure moved from 11 in April 2015 to 22 in April 2016.
A total of 158 new homes were sold during the 12 months that ended in May, down from 160 for the year that ended in April.
Out of the 258 total closings, 10 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year increase in April, closings of new and existing homes sank year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $112,914, down from $146,325 a year earlier. This came after a 2.7% lift in April year-over-year.
Average mortgage size on new homes fell from $139,722 to $107,342. It went from $132,783 to $131,852 from April 2015 to April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 11.3% of existing home closings, higher than 11.0% a year earlier. The percentage of existing home closings involving foreclosures went from 4.7% in May 2015 to 5.6% in May 2016 and REO closings moved from 6.3% of existing home closings in May 2015 to 5.6% in May 2016.