In June, there was a drop year-over-year in new home closings in the Joplin, MO market, dropping after staying level in May. Closings stood at 9 in June after being 14 a year earlier and remaining unchanged at 11 in May from a year earlier.
A total of 101 new homes were sold during the 12 months that ended in June, down from 106 for the year that ended in May.
New home closings were 9 out of the 312 total closings, a move on a percentage basis from 14 of 400 a year earlier. For new and existing homes, closings sank in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2015 was $144,090, down from last year's $166,013. This was on the heels of a 2.7% decline in May from a year earlier.
The average mortgage size went down to $124,109 from $134,882 a year earlier. Average mortgage size on new homes went from $126,206 in May 2014 to $141,562 in May 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 June 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 14.5% of existing home closings, below 19.4% a year earlier. The percentage of existing home closings involving foreclosures went from 7.5% in June 2014 to 6.6% in June 2015 and REO closings as a percentage of existing home closings slid to 7.9% from 11.9% a year earlier.