In the Little Rock, AR market, closings of new homes sank year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 72 a year earlier to 10 after the figure moved from 73 in November 2014 to 2 in November 2015.
A total of 341 new homes were sold during the 12 months that ended in December, down from 403 for the year that ended in November.
New home closings were 10 out of the 772 total closings, down on a percentage basis from 72 of 953 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also sank year-over-year in December.
Pricing and Mortgage Trends
The average new home value went from $227,273 last year to $271,509. This followed a 17.5% drop in November from a year earlier.
Average mortgage size on new homes rose from $203,693 to $219,563. Average mortgage size on new homes went from $171,053 in November 2014 to $149,207 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes fell from 1,980 square feet a year earlier to 1,848 square feet.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 32.5% of existing closings, lower than 34.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 15.0% in December from 18.4% a year earlier while REO closings as a percentage of existing home closings gained to 17.6% from 15.8%.