New home closings in the Fayetteville, AR market slid year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 67 a year earlier to 8 after the figure moved from 65 in May 2015 to 9 in May 2016.
A total of 284 new homes were sold during the 12 months that ended in June, down from 343 for the year that ended in May.
New home closings were 8 out of the 1,106 total closings, down on a percentage basis from 67 of 1,085 a year earlier. After dropping in May from a year earlier, closings of new and existing homes climbed year-over-year in June.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $278,005 from $259,141 a year ago. This followed a 6.1% surge in May year-over-year.
Average mortgage size on new homes increased to $241,306 from $221,396 last year. Average mortgage size on new homes went from $213,769 in May 2015 to $271,609 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,477 square feet a year earlier to 1,880 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 13.9% of existing home closings, below 17.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.6% in June from 9.4% a year earlier and REO closings moved from 7.6% of existing home closings in June 2015 to 7.4% in June 2016.