Closings of new homes fell year-over-year in September in the Hot Springs, AR market, and the decline was by a larger percentage than the August 2015. New home closings moved from 3 a year earlier to none after the figure moved from 2 in August 2014 to 1 in August 2015.

New home closings were none out of the 171 total closings, down on a percentage basis from 3 of 206 a year earlier. Closings of new and existing homes declined year-over-year in September after also falling in August year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 12.3% of existing closings, lower than 19.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.8% in September from 9.4% a year earlier while REO closings as a percentage of existing home closings fell to 6.4% from 10.3% a year earlier.

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