Recent Numbers For Fayetteville AR Show New Home Closings and Prices Gain
Posted on: Apr 06, 2014 07:13:58 AM
New home closings in the Fayetteville, AR market increased year-over-year in January, swinging up after a drop in December 2013. New home closings saw a 7.4% climb from a year earlier to 73. In comparison, new home closings in the same month last year saw a 2.0% drop year-over-year in December.
A total of 1,290 new homes were sold during the 12 months that ended in January, up from 1,285 for the year that ended in December.
New home closings represented 12.9% of overall housing closings. A year ago, 12.0% of total closings were new home closings. After rising in December from a year earlier, closings of new and existing homes stayed steady in January.
Pricing and Mortgage Trends
The average price of newly sold homes jumped year-over-year 10.5% in January to $244,609 per unit. This rise is smaller than the 18.5% lift in December year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. In January 2014, there was a 2.0% hike in the average mortgage size, reaching $219,981. In December 2013, average mortgage size on newly sold homes saw a 6.3% drop from a year earlier.