In the Springfield, MO market, new home closings sank year-over-year in April, and there were hints the market may be worsening with a percentage decline steeper than that of March 2016. Closings slumped 53.7% from a year earlier to 19. This came after a 42.4% fall year-over-year in March.
A total of 295 new homes were sold during the 12 months that ended in April, down from 317 for the year that ended in March.
Out of all housing closings, new home closings made up 2.2%. This is a decline 4.8% of closings a year earlier. New and existing home closings climbed in April after a remaining level in March from a year earlier.
Pricing and Mortgage Trends
In April, the average price of newly sold homes jumped year-over-year to $227,151 per unit, a 7.3% boost. This lift compares to a 9.7% drop in March from a year earlier.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. It increased to $194,514 in April, a 6.9% rise. Average mortgage size dropped 6.0% in March 2016 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 April 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes fell 35.9% year-over-year to 1,357 square feet in April 2016. In March, the average size of new homes sold went from 1,917 square feet a year earlier to 1,655 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 10.6% of closings, below 13.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.3% in April from 7.8% a year earlier and REO closings moved from 6.1% of existing home closings in April 2015 to 6.3% in April 2016.