Closings of new homes declined year-over-year in February in the Joplin, MO market, dropping after a year-over-year increase in January 2016. New home closings moved from 13 a year earlier to 8 after the figure moved from 10 in January 2015 to 19 in January 2016.
A total of 142 new homes were sold during the 12 months that ended in February, down from 147 for the year that ended in January.
Last year, 13 of 203 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 214 total closings. After dropping in January from a year earlier, closings of new and existing homes gained year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $159,697, compared with $196,928 last year. This followed a 13.0% lift in January year-over-year.
The average mortgage size went down to $159,934 from $169,891 a year earlier. Average mortgage size on new homes went from $121,910 in January 2015 to $135,950 in January 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 17.0% of existing home closings, above 15.8% a year earlier. The percentage of existing home closings involving foreclosures went from 7.9% in February 2015 to 8.3% in February 2016 and REO closings moved from 7.9% of existing home closings in February 2015 to 8.7% in February 2016.