New Home Sales Level from Last Year, Prices Decrease in St. Joseph - August 2014
Posted on: Aug 09, 2014 07:02:35 AM
The St. Joseph, MO market saw no change in new home closings year-over-year in May, remaining level after showing little movement in April from the year earlier. Closings stayed at 1, unchanged from a year earlier after being consistent at 1 in April from the year earlier.
1 of the 146 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. After new and existing closings grew in April year-over-year, they stayed level in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $67,500, down from last year's $175,507. This was on the heels of a 55.4% fall in April from a year earlier.
There was a decline in average mortgage size on new homes, going from $140,406 last year to $84,000 in May 2014. Average mortgage size on new homes went from $178,711 in April 2013 to $93,000 in April 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.