New home closings dropped year-over-year in April in the Columbia, MO market, 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.
New home closings represented 5 out of the 304 total closings, which is a smaller percentage than the 36 of 315 total closings a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $276,351 from $261,279 a year ago. This came after a 19.4% decline in March from a year earlier.
Average mortgage size on new homes rose from $215,222 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. Out of all existing home closings, foreclosures combined with REO closings represented 6.7% of closings, below 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.