In the Columbia, MO market in May, closings of new homes fell year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 32 a year earlier to 2 after the figure moved from 36 in April 2015 to 5 in April 2016.
A total of 178 new homes were sold during the 12 months that ended in May, down from 208 for the year that ended in April.
Last year, 32 of 372 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 392 total closings. After remaining steady in April from a year earlier, closings of new and existing homes rose in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $244,500, compared with $309,031 last year. This was on the heels of a 5.8% hike in April year-over-year.
The average mortgage size went down to $195,600 from $252,125 a year earlier. Average mortgage size on new homes went from $215,222 in April 2015 to $256,123 in 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.
The average unit size of newly sold homes fell from 2,294 square feet a year earlier to 1,619 square feet.
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 5.6% of existing home closings, higher than 5.0% a year earlier. The percentage of existing home closings involving foreclosures went from 2.1% in May 2015 to 2.8% in May 2016 and REO closings moved from 2.9% of existing home closings in May 2015 to 2.8% in May 2016.