In the Little Rock, AR market in February, new home closings slid year-over-year, but the decline was less than the year-over-year decline in January. New home closings moved from 69 a year earlier to 8 after the figure moved from 58 in January 2015 to 1 in January 2016.
A total of 235 new homes were sold during the 12 months that ended in February, down from 296 for the year that ended in January.
New home closings represented 8 out of the 694 total closings, which is a smaller percentage than the 69 of 835 total closings a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $205,438, up from $199,912 a year earlier. This was on the heels of a 46.8% drop in January from a year earlier.
Average mortgage size on new homes increased to $188,029 from $173,742 last year. Average mortgage size on new homes went from $192,481 in January 2015 to $119,715 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes rose from 1,708 square feet a year earlier to 1,889 square feet.
Together, foreclosures plus REO closings represented 33.4% of existing home closings. In February 2015, they represented 33.3%. The percentage of existing home closings involving foreclosures sank to 16.0% in February from 17.4% a year earlier while REO closings as a percentage of existing home closings climbed to 17.3% from 15.9%.