In the Fayetteville, AR market in September, closings of new homes fell year-over-year, and the decline was by a larger percentage than the August 2015. New home closings moved from 65 a year earlier to 8 after the figure moved from 93 in August 2014 to 13 in August 2015.
A total of 513 new homes were sold during the 12 months that ended in September, down from 570 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 0.8% from 7.8% a year earlier. Closings of new and existing homes jumped year-over-year in September following a fall in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $282,093, up from $233,496 a year earlier. This came after a 3.4% decline in August from a year earlier.
From the year-ago figure of $208,680, the average mortgage size on new homes moved up to $225,045. Average mortgage size on new homes went from $246,681 in August 2014 to $235,241 in August 2015.
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 rose from 2,241 square feet a year earlier to 2,623 square feet.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 22.4% of existing home closings, above 20.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.4% in September from 10.4% a year earlier while REO closings as a percentage of existing home closings gained to 14.1% from 10.1%.