In the Springfield, MO market in February, closings of new homes fell year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 27 a year earlier to 14 after the figure moved from 18 in January 2015 to 11 in January 2016.
A total of 331 new homes were sold during the 12 months that ended in February, down from 344 for the year that ended in January.
New home closings were 14 out of the 622 total closings, down on a percentage basis from 27 of 567 a year earlier. After dropping in January from a year earlier, closings of new and existing homes grew year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $196,448, down from last year's $216,393. This was on the heels of a 10.1% fall in January from a year earlier.
Average mortgage size on new homes fell from $181,800 to $171,879. Average mortgage size on new homes went from $161,394 in January 2015 to $152,364 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes fell from 2,073 square feet a year earlier to 1,743 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 11.2% of existing home closings, down from 15.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.8% in February from 7.2% a year earlier while REO closings as a percentage of existing home closings declined to 6.4% from 8.5% a year earlier.