The Fayetteville, AR market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 84 a year earlier to 11 after the figure moved from 77 in June 2014 to 23 in June 2015.
A total of 619 new homes were sold during the 12 months that ended in July, down from 692 for the year that ended in June.
New home closings represented 11 out of the 988 total closings, which is a smaller percentage than the 84 of 966 total closings a year earlier. After dropping in June from a year earlier, closings of new and existing homes jumped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $263,476 from last year's $254,504. This followed a 12.4% hike in June year-over-year.
There was a decline in average mortgage size on new homes, going from $221,287 last year to $214,303 in July 2015. In June 2015, average mortgage size on newly sold homes saw a 7.5% bump year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,354 square feet a year earlier to 2,419 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 15.6% of closings, below 25.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.5% in July from 10.8% a year earlier while REO closings as a percentage of existing home closings sank to 8.1% from 15.0% a year earlier.