In the Fayetteville, AR market in April, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 77 a year earlier to 11 after the figure moved from 97 in March 2015 to 10 in March 2016.
A total of 399 new homes were sold during the 12 months that ended in April, down from 465 for the year that ended in March.
New home closings were 11 out of the 929 total closings, down on a percentage basis from 77 of 756 a year earlier. Following a decline in March year-over-year, closings of new and existing homes rose year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $344,091 from last year's $256,326. This came after a 12.3% drop in March from a year earlier.
From the year-ago figure of $221,780, the average mortgage size on new homes moved up to $289,627. Average mortgage size on new homes went from $221,304 in March 2015 to $189,694 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 2,403 square feet a year earlier to 2,284 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 14.7% of existing home closings, down from 18.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.8% in April from 7.4% a year earlier while REO closings as a percentage of existing home closings fell to 9.9% from 11.5% a year earlier.