In the Fayetteville, AR market, closings of new homes sank year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 93 a year earlier to 13 after the figure moved from 84 in July 2014 to 12 in July 2015.
A total of 561 new homes were sold during the 12 months that ended in August, down from 641 for the year that ended in July.
New home closings were 9.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 13 of the 944 total closings. Following a year-over-year increase in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $273,612, compared with $283,246 last year. This was on the heels of a move from $254,504 per unit to $252,084 from July 2014 to July 2015.
The average mortgage size went down to $235,241 from $246,681 a year earlier. Average mortgage size on new homes went from $221,287 in July 2014 to $206,015 in July 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.
There was a move in the average unit size of newly sold homes from 2,536 square feet in August 2014 to 2,540 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 18.2% of existing home closings, down from 24.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.3% in August from 11.9% a year earlier and REO closings moved from 12.6% of existing home closings in August 2014 to 12.9% in August 2015.