Closings of new homes in the Hot Springs, AR market remained unchanged year-over-year in June, staying level after a year-over-year increase in May from a year earlier. Closings remained level at 1 from a year earlier after the figure moved from 1 in May 2015 to 2 in May 2016.

New home closings were 1 out of the 214 total closings, same on a percentage basis as a year earlier. After increasing in May from a year earlier, closings of new and existing homes remained level in June.

The average per-unit price of new homes was $55,000, compared with $250,000 last year. This followed a 87.0% fall in May 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 June 2016.

The average unit size of newly sold homes fell from 3,600 square feet a year earlier to 1,056 square feet.

Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 23.5% of existing home closings, up from 16.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.7% in June from 4.7% a year earlier and REO closings moved from 11.4% of existing home closings in June 2015 to 11.7% in June 2016.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Hot Springs, AR area.