New home closings in the Hot Springs, AR market fell year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 4 a year earlier to none after the figure moved from 3 in November 2014 to 1 in November 2015.
New home closings represented none out of the 163 total closings, which is a smaller percentage than the 4 of 139 total closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also rose year-over-year in December.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 23.3% of existing home closings, down from 24.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.0% in December from 9.6% a year earlier while REO closings as a percentage of existing home closings slid to 7.4% from 14.8% a year earlier.