In the Columbia, MO market, new home closings declined year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 3 a year earlier to 1 after the figure moved from 5 in October 2014 to none in October 2015.
1 of the 160 total closings were new home closings, a shift on a percentage basis from 3 out of 192 a year earlier. After rising year-over-year in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $385,000 from $225,469 a year ago. This came after a.
Average mortgage size on new homes rose from $180,375 to $365,750.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes fell from 1,978 square feet a year earlier to 1,912 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 12.6% of existing home closings, above 10.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.0% in November from 3.7% a year earlier and REO closings moved from 6.9% of existing home closings in November 2014 to 7.5% in November 2015.