New home closings in the Columbia, MO market sank year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 14 a year earlier to 7 after the figure moved from 9 in January 2015 to 2 in January 2016.

A total of 254 new homes were sold during the 12 months that ended in February, down from 261 for the year that ended in January.

New home closings were 7 out of the 178 total closings, down on a percentage basis from 14 of 190 a year earlier. For new and existing homes, closings sank in February after also declining in January year-over-year.

Pricing and Mortgage Trends

The average new home price was $348,166, up from $307,726 a year earlier. This followed a 3.0% drop in January from a year earlier.

Average mortgage size on new homes increased to $278,521 from $268,374 last year. Average mortgage size on new homes went from $286,557 in January 2015 to $263,583 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.

The average unit size of newly sold homes rose from 2,409 square feet a year earlier to 2,685 square feet.

Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 10.5% of existing home closings, up from 9.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.1% in February from 5.7% a year earlier while REO closings as a percentage of existing home closings grew to 6.4% from 4.0%.

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