In the Hot Springs, AR market, closings of new homes jumped year-over-year in May, rebounding from a year-over-year decline in April 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 2 in April 2015 to none in April 2016.
New home closings were 2 out of the 241 total closings, a move on a percentage basis from 1 of 210 a year earlier. For new and existing homes, closings grew year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $40,500, compared with $311,336 last year. This was on the heels of a.
Average mortgage size on newly sold homes saw a decline year-over-year from $249,000 to $38,274.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes fell from 2,192 square feet a year earlier to 1,025 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 17.6% of closings, below 23.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.5% in May from 12.9% a year earlier while REO closings as a percentage of existing home closings sank to 7.1% from 10.0% a year earlier.