New home closings in the Little Rock, AR market dropped year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 87 a year earlier to 8 after the figure moved from 77 in August 2014 to 13 in August 2015.
A total of 551 new homes were sold during the 12 months that ended in September, down from 630 for the year that ended in August.
New home closings were 8.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 8 of the 1,099 total closings. After dropping in August from a year earlier, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $253,412, up from $210,677 a year earlier. This was on the heels of a 6.0% fall in August from a year earlier.
Average mortgage size on new homes went from $180,968 a year earlier to $214,973. Average mortgage size on new homes went from $193,757 in August 2014 to $182,484 in August 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,675 square feet a year earlier to 4,152 square feet.
Foreclosures and real estate owned (REO) closings declined in September from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 27.0% of existing home closings, down from 27.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.8% in September from 12.2% a year earlier while REO closings as a percentage of existing home closings dropped to 13.2% from 15.6% a year earlier.