Closings of new homes in the Fort Smith, AR market slid year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to 1 after the figure moved from 13 in May 2015 to 2 in May 2016.
A total of 72 new homes were sold during the 12 months that ended in June, down from 89 for the year that ended in May.
New home closings were 1 out of the 336 total closings, down on a percentage basis from 18 of 411 a year earlier. Closings of new and existing homes slid year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $227,500, down from last year's $231,274. This followed a 14.7% rise in May year-over-year.
Average mortgage size on new homes went from $199,690 a year earlier to $211,000. Average mortgage size on new homes went from $160,379 in May 2015 to $168,625 in May 2016.
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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 18.5% of existing closings, lower than 27.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.4% in June from 10.9% a year earlier while REO closings as a percentage of existing home closings dropped to 10.1% from 16.8% a year earlier.