In the Fort Smith, AR market in January, new home closings climbed year-over-year, rebounding from a year-over-year decline in December 2015. New home closings moved from 1 a year earlier to 2 after the figure moved from 4 in December 2014 to 2 in December 2015.
A total of 32 new homes were sold during the 12 months that ended in January, up from 31 for the year that ended in December.
2 of the 266 total closings were new home closings, a shift on a percentage basis from 1 out of 308 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also dropped year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes rose to $144,450 from last year's $133,800. This followed a 3.8% decline in December from a year earlier.
Average mortgage size on new homes increased to $159,383 from $133,800 last year. Average mortgage size on new homes went from $129,401 in December 2014 to $112,000 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 34.1% of existing closings, lower than 37.8% a year earlier. The percentage of existing home closings involving foreclosures went from 20.5% in January 2015 to 21.2% in January 2016 and REO closings as a percentage of existing home closings slid to 12.9% from 17.3% a year earlier.