In the Little Rock, AR market in November, closings of new homes fell year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 73 a year earlier to 2 after the figure moved from 86 in October 2014 to 8 in October 2015.
A total of 402 new homes were sold during the 12 months that ended in November, down from 473 for the year that ended in October.
New home closings represented 2 out of the 677 total closings, which is a smaller percentage than the 73 of 818 total closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also slid year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $157,750, down from $191,126 a year earlier. This followed a 16.9% gain in October year-over-year.
Average mortgage size on new homes fell from $171,053 to $149,207. Average mortgage size on new homes went from $186,761 in October 2014 to $151,480 in October 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 November 2015.
The average unit size of newly sold homes fell from 1,721 square feet a year earlier to 1,408 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 27.9% of closings, below 31.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.5% in November from 18.3% a year earlier while REO closings as a percentage of existing home closings stayed level at 13.3%.