Closings of new homes in the Fort Smith, AR market remained steady year-over-year in September, staying level after a year-over-year decline in August from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 7 in August 2014 to 4 in August 2015.
A total of 41 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
2 of the 374 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Following a fall in August year-over-year, closings of new and existing homes grew year-over-year in September.
The average value of newly sold homes in September 2015 was $127,500, down from last year's $136,450. This followed a 6.8% drop in August from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes rose from 1,505 square feet a year earlier to 1,656 square feet.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 27.4% of closings, below 34.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.9% in September from 17.7% a year earlier while REO closings as a percentage of existing home closings declined to 14.5% from 16.3% a year earlier.