The Hot Springs, AR market saw a drop in new home closings year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 3 a year earlier to 2 after the figure moved from 1 in October 2014 to none in October 2015.
New home closings were 2 out of the 167 total closings, down on a percentage basis from 3 of 113 a year earlier. Following a year-over-year increase in October, closings of new and existing homes also jumped year-over-year in November.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $53,300, down from last year's $96,967. This followed a.
Average mortgage size on newly sold homes saw a decline year-over-year from $81,973 to $53,250.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes fell from 1,830 square feet a year earlier to 900 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 21.8% of existing closings, lower than 25.5% a year earlier. The percentage of existing home closings involving foreclosures went from 10.9% in November 2014 to 11.5% in November 2015 and REO closings as a percentage of existing home closings fell to 10.3% from 14.5% a year earlier.