Prices of New Homes Gain in Fayetteville AR, Sales Decline According to Newest Data
Posted on: Aug 08, 2014 11:21:14 AM
In the Fayetteville, AR market in May, new home closings slid year-over-year, and the percentage drop, which was steeper than April 2014, gave signals of weakening market conditions. New home closings saw a 75.4% drop from a year earlier to 17. This came after a 61.6% drop year-over-year in April.
A total of 602 new homes were sold during the 12 months that ended in May, down from 654 for the year that ended in April.
New home closings made up 2.0% of overall housing closings. This is a fall 7.0% of closings a year earlier. Closings of new and existing homes declined year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
In May, there was a 16.7% rise year-over-year in the average price of newly sold homes, reaching $247,474 per unit. This boost compares to a 10.1% drop in April from a year earlier.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. Average mortgage size gained 12.2% to $215,992 in May from a year earlier. In April 2014, average mortgage size on newly sold homes saw a 8.9% fall from a year earlier.