The Fayetteville, AR market saw a drop in new home closings year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 67 a year earlier to 14 after the figure moved from 67 in June 2015 to 8 in June 2016.
A total of 232 new homes were sold during the 12 months that ended in July, down from 285 for the year that ended in June.
New home closings were 14 out of the 1,086 total closings, down on a percentage basis from 67 of 1,084 a year earlier. After increasing in June from a year earlier, closings of new and existing homes remained level in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $237,620, down from last year's $243,644. This followed a 7.3% gain in June year-over-year.
Average mortgage size on new homes moved from $209,810 to $208,388. Average mortgage size on new homes went from $221,396 in June 2015 to $241,306 in June 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,536 square feet a year earlier to 1,679 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 10.5% of closings, below 15.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.5% in July from 7.2% a year earlier while REO closings as a percentage of existing home closings slid to 6.1% from 8.1% a year earlier.