New Home Sales and Prices Decline in Springfield According to Latest Data
Posted on: Sep 11, 2014 07:33:28 AM
New home closings in the Springfield, MO market fell year-over-year in June, and the decline was by a larger percentage than the May 2014. New home closings moved from 29 a year earlier to 11 after the figure moved from 36 in May 2013 to 14 in May 2014.
A total of 177 new homes were sold during the 12 months that ended in June, down from 195 for the year that ended in May.
New home closings represented 11 out of the 733 total closings, which is a smaller percentage than the 29 of 806 total closings a year earlier. For new and existing homes, closings dropped in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $161,883, down from $195,604 a year earlier. This followed a 13.1% surge in May year-over-year.
There was a decline in average mortgage size on new homes, going from $165,068 last year to $138,872 in June 2014. Average mortgage size on new homes went from $169,630 in May 2013 to $185,030 in May 2014.