New home closings slid year-over-year in March in the Columbia, MO market, and the decline was by a larger percentage than the February 2016. New home closings moved from 22 a year earlier to 7 after the figure moved from 14 in February 2015 to 7 in February 2016.
A total of 239 new homes were sold during the 12 months that ended in March, down from 254 for the year that ended in February.
New home closings represented 7 out of the 268 total closings, which is a smaller percentage than the 22 of 282 total closings a year earlier. Closings of new and existing homes dropped year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $236,583, down from last year's $293,451. This was on the heels of a 13.1% lift in February year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $242,600 to $203,348. Average mortgage size on new homes went from $268,374 in February 2015 to $278,521 in February 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 2,202 square feet a year earlier to 2,035 square feet.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 10.0% of existing home closings, higher than 7.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.7% in March from 3.1% a year earlier and REO closings moved from 4.6% of existing home closings in March 2015 to 4.2% in March 2016.