New home closings dropped year-over-year in November in the Joplin, MO market, falling after a rise in October 2015. New home closings moved from 11 a year earlier to 10 after the figure moved from 10 in October 2014 to 14 in October 2015.

A total of 139 new homes were sold during the 12 months that ended in November, down from 140 for the year that ended in October.

10 of the 217 total closings were new home closings, a shift on a percentage basis from 11 out of 283 a year earlier. Closings of new and existing homes sank year-over-year in November after also falling in October year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $179,349, an increase from $142,697 a year earlier. This followed a 10.2% gain in October year-over-year.

Average mortgage size on new homes went from $125,555 a year earlier to $151,860. Average mortgage size on new homes went from $143,451 in October 2014 to $153,226 in October 2015.

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 continued to fall from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 11.6% of existing home closings, below 29.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.2% in November from 8.5% a year earlier while REO closings as a percentage of existing home closings declined to 4.3% from 20.6% a year earlier.

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