New home closings declined year-over-year in November in the Fayetteville, AR market, and the decline was by a larger percentage than the October 2015. New home closings moved from 60 a year earlier to 2 after the figure moved from 76 in October 2014 to 7 in October 2015.
A total of 387 new homes were sold during the 12 months that ended in November, down from 445 for the year that ended in October.
New home closings were 2 out of the 616 total closings, down on a percentage basis from 60 of 712 a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $359,500, an increase from $253,937 a year earlier. This was on the heels of a 12.0% rise in October year-over-year.
From the year-ago figure of $226,344, the average mortgage size on new homes moved up to $310,850. Average mortgage size on new homes went from $227,916 in October 2014 to $231,797 in October 2015.
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 rose from 2,360 square feet a year earlier to 3,172 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. Combined, foreclosures plus REO closings represented 23.3% of existing home closings, below 24.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.6% in November from 13.5% a year earlier while REO closings as a percentage of existing home closings increased to 12.7% from 10.9%.