In the Little Rock, AR market in April, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 34 a year earlier to 10 after the figure moved from 52 in March 2015 to 5 in March 2016.
A total of 166 new homes were sold during the 12 months that ended in April, down from 190 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 1.0% from 3.0% a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $230,340, compared with $234,166 last year. This followed a 18.8% drop in March from a year earlier.
There was a decline in average mortgage size on new homes, going from $203,173 last year to $190,373 in April 2016. Average mortgage size on new homes went from $199,693 in March 2015 to $163,483 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 2,151 square feet a year earlier to 2,061 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 24.6% of closings, below 33.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.5% in April from 19.9% a year earlier while REO closings as a percentage of existing home closings fell to 11.2% from 13.3% a year earlier.