In November, the Fayetteville, AR market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 60 a year earlier to 2 after the figure moved from 76 in October 2014 to 7 in October 2015.
A total of 387 new homes were sold during the 12 months that ended in November, down from 445 for the year that ended in October.
New home closings were 8.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 2 of the 616 total closings. Closings of new and existing homes fell year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $359,500 from last year's $253,937. This was on the heels of a 12.0% surge in October year-over-year.
The average mortgage size on new homes was $310,850, up from $226,344. Average mortgage size on new homes went from $227,916 in October 2014 to $231,797 in October 2015.
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 2,360 square feet a year earlier to 3,172 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 23.3% of existing closings, lower than 24.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.6% in November from 13.5% a year earlier while REO closings as a percentage of existing home closings climbed to 12.7% from 10.9%.