Newest Figures Indicate New Home Closings in St. Joseph Decline
Posted on: Apr 06, 2014 07:41:44 AM
In January, there was a decline year-over-year in new home closings in the St. Joseph, MO market, sliding after a growth in December 2013. New home closings moved from 1 a year earlier to none after the figure moved from 2 in December 2012 to 3 in December 2013.
New home closings were none out of the 114 total closings, a move on a percentage basis from 1 of 123 a year earlier. For new and existing homes, closings sank in January after also declining in December year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 37.7% of existing home closings, above 36.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.3% in January from 15.6% a year earlier while REO closings as a percentage of existing home closings dropped to 18.4% from 20.5% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the St. Joseph, MO area.