There was an increase in closings of new homes in the Fort Smith, AR market in July year-over-year, but the increase was less than June 2015. New home closings moved from 3 a year earlier to 5 after the figure moved from 2 in June 2014 to 4 in June 2015.
A total of 47 new homes were sold during the 12 months that ended in July, up from 45 for the year that ended in June.
5 of the 342 total closings were new home closings, a shift on a percentage basis from 3 out of 402 a year earlier. For new and existing homes, closings slid in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $131,350, down from $145,933 a year earlier. This was on the heels of a 43.0% decline in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $159,897 to $138,151. Average mortgage size on new homes went from $214,428 in June 2014 to $118,333 in June 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 July 2015.
The average unit size of newly sold homes fell from 1,699 square feet a year earlier to 1,517 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 22.0% of existing home closings, below 33.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.4% in July from 18.0% a year earlier while REO closings as a percentage of existing home closings sank to 11.6% from 15.5% a year earlier.