In November, the Fort Smith, AR market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in October. New home closings moved from 4 a year earlier to 2 after the figure moved from 10 in October 2014 to 4 in October 2015.
A total of 33 new homes were sold during the 12 months that ended in November, down from 35 for the year that ended in October.
New home closings were 2 out of the 271 total closings, a move on a percentage basis from 4 of 343 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also dropped year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $131,550, an increase from $107,125 a year earlier. This followed a 33.1% hike in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $108,085 to $103,475. Average mortgage size on new homes went from $155,798 in October 2014 to $40,700 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 rose from 1,420 square feet a year earlier to 1,436 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 28.6% of existing closings, lower than 29.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.4% in November from 17.1% a year earlier while REO closings as a percentage of existing home closings grew to 15.2% from 12.1%.