In the Little Rock, AR market in August, closings of new homes fell year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 77 a year earlier to 13 after the figure moved from 98 in July 2014 to 25 in July 2015.
A total of 619 new homes were sold during the 12 months that ended in August, down from 683 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 1.3% from 7.1% a year earlier. For new and existing homes, closings slid in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $207,862, compared with $221,096 last year. This followed a 3.3% decline in July from a year earlier.
The average mortgage size went down to $182,484 from $193,757 a year earlier. In July 2015, average mortgage size jumped 1.1% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes went from 1,942 square feet in August 2014 to 1,924 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, represented 26.8% of existing home closings, higher than 25.7% a year earlier. The percentage of existing home closings involving foreclosures went from 12.6% in August 2014 to 11.8% in August 2015 and REO closings as a percentage of existing home closings gained to 14.9% from 13.1%.