Closings of new homes in the Hot Springs, AR market fell year-over-year in August, sliding after a growth in July 2015. New home closings moved from 2 a year earlier to 1 after the figure moved from none in July 2014 to 5 in July 2015.
1 of the 182 total closings were new home closings, a shift on a percentage basis from 2 out of 187 a year earlier. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.
The average new home value went from $116,470 last year to $126,500. This was on the heels of a set of periods with no new home closings in both July 2015 or July 2014.
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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 18.2% of existing home closings, below 26.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.6% in August from 9.7% a year earlier while REO closings as a percentage of existing home closings fell to 11.6% from 16.8% a year earlier.