In April, there was a fall year-over-year in new home closings in the Little Rock, AR market, but the decline was less than the year-over-year decline in March. New home closings moved from 34 a year earlier to 10 after the figure moved from 52 in March 2015 to 5 in March 2016.
A total of 166 new homes were sold during the 12 months that ended in April, down from 190 for the year that ended in March.
New home closings were 3.0% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 10 of the 1,049 total closings. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $230,340, down from $234,166 a year earlier. This was on the heels of a 18.8% decline in March from a year earlier.
The average mortgage size went down to $190,373 from $203,173 a year earlier. Average mortgage size on new homes went from $199,693 in March 2015 to $163,483 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 2,151 square feet a year earlier to 2,061 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 24.6% of existing closings, lower than 33.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.5% in April from 19.9% a year earlier while REO closings as a percentage of existing home closings fell to 11.2% from 13.3% a year earlier.