New home closings dropped year-over-year in September in the Hot Springs, AR market, and the decline was by a larger percentage than the August 2015. New home closings moved from 3 a year earlier to none after the figure moved from 2 in August 2014 to 1 in August 2015.
New home closings were 1.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 171 total closings. For new and existing homes, closings sank in September after also declining in August year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 12.3% of existing home closings, below 19.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.8% in September from 9.4% a year earlier while REO closings as a percentage of existing home closings declined to 6.4% from 10.3% a year earlier.