In the Fort Smith, AR market, new home closings fell year-over-year in August, dropping after a year-over-year increase in July 2015. New home closings moved from 7 a year earlier to 4 after the figure moved from 3 in July 2014 to 5 in July 2015.
A total of 44 new homes were sold during the 12 months that ended in August, down from 47 for the year that ended in July.
New home closings were 4 out of the 348 total closings, a move on a percentage basis from 7 of 384 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 value of newly sold homes in August 2015 was $138,500, down from last year's $148,671. This came after a 10.0% drop in July from a year earlier.
The average mortgage size went down to $148,600 from $178,680 a year earlier. Average mortgage size on new homes went from $159,897 in July 2014 to $138,151 in July 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 August 2015.
The average unit size of newly sold homes fell from 1,892 square feet a year earlier to 1,466 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 20.6% of closings, below 30.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.2% in August from 15.4% a year earlier while REO closings as a percentage of existing home closings dropped to 10.5% from 15.4% a year earlier.