In July, the Springfield, MO market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in June. New home closings moved from 36 a year earlier to 16 after the figure moved from 35 in June 2014 to 6 in June 2015.
A total of 153 new homes were sold during the 12 months that ended in July, down from 173 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 1.7%. This is a fall 4.2% of closings a year earlier. Closings of new and existing homes increased year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $218,265 per unit in July, up 5.2%from a year earlier. This hike is smaller than the 13.4% surge in June year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. The average mortgage size rose to $191,477 in July, marking a 8.1% hike compared with a year earlier. Average mortgage size on new homes went from $163,132 in June 2014 to $195,246 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
There was a 21.6% drop year-over-year in the average unit size of newly sold homes to 1,638 square feet in July 2015. In June, the average size of new homes sold went from 1,790 square feet a year earlier to 2,456 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 9.6% of existing home closings, below 13.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.8% in July from 6.6% a year earlier while REO closings as a percentage of existing home closings dropped to 4.8% from 7.1% a year earlier.