Prices of New Homes Gain in Fayetteville AR, Sales Steady According to Recent Figures
Posted on: May 06, 2013 07:11:58 AM
New home closings in the Fayetteville, AR market were unchanged year-over-year in February, stabilizing after a decline in January from the year earlier. Closings remained steady from a year earlier at 40. In the year-earlier month, there was an 8.1% decline in new home closings.
A total of 805 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
New home closings accounted for 9.1% of overall housing closings. New home closings were 9.7% of overall closings last year. After staying stable in January from a year earlier, closings of new and existing homes rose in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased 18.4% year-over-year to $222,525 per unit. This gain period of little change in January from a year earlier.
Average mortgage size on new homes increased year-over-year along with new home prices. In February 2013, there was a 4.1% rise in the average mortgage size, reaching $195,113. In January 2013, average mortgage size on newly sold homes saw a 21.2% hike year-over-year from a year earlier. The overall percentage of sale price that was being financed sank 12.1 percentage points year-over-year to 87.7% in February 2013. This came after a 17.5 percentage point rise in January from a year earlier.