In the Columbia, MO market, new home closings sank year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 36 a year earlier to 5 after the figure moved from 22 in March 2015 to 7 in March 2016.
A total of 208 new homes were sold during the 12 months that ended in April, down from 239 for the year that ended in March.
Last year, 36 of 315 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 304 total closings. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $276,351 from last year's $261,279. This followed a 19.4% drop in March from a year earlier.
From the year-ago figure of $215,222, the average mortgage size on new homes moved up to $256,123. Average mortgage size on new homes went from $242,600 in March 2015 to $203,348 in March 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,967 square feet a year earlier to 1,895 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 6.7% of existing home closings, down from 9.3% a year earlier. The percentage of existing home closings involving foreclosures went from 2.9% in April 2015 to 3.0% in April 2016 and REO closings as a percentage of existing home closings dropped to 3.7% from 6.5% a year earlier.