In May, there was a drop year-over-year in new home closings in the Springfield, MO market, and the decline was by a larger percentage than the April 2016. New home closings moved from 54 a year earlier to 11 after the figure moved from 41 in April 2015 to 19 in April 2016.
A total of 247 new homes were sold during the 12 months that ended in May, down from 290 for the year that ended in April.
New home closings were 5.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 11 of the 1,019 total closings. Closings of new and existing homes rose year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $291,489 from last year's $205,217. This followed a 5.9% surge in April year-over-year.
Average mortgage size on new homes rose from $174,765 to $244,618. In April 2016, average mortgage size grew 4.6% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes went from 2,025 square feet in May 2015 to 2,014 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 11.3% of existing home closings, down from 13.2% a year earlier. The percentage of existing home closings involving foreclosures went from 5.3% in May 2015 to 5.8% in May 2016 and REO closings as a percentage of existing home closings slid to 5.6% from 7.9% a year earlier.