Recent Numbers Show Prices of New Homes Rise in Fort Smith AR, Sales Decrease
Posted on: May 06, 2013 07:12:39 AM
In the Fort Smith, AR market, closings of new homes fell year-over-year in February, a decline following a rise in January 2013. New home closings moved from 23 a year earlier to 13 after the figure moved from nine in January 2012 to 13 in January 2013.
A total of 178 new homes were sold during the 12 months that ended in February, down from 188 for the year that ended in January.
New home closings represented 13 out of the 231 total closings, which is a smaller percentage than the 23 of 239 total closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $143,043 last year to $157,154,. This followed a 5.6% rise in January year-over-year.
Average mortgage size on new homes went from $127,374 a year earlier to $149,854. Average mortgage size on new homes went from $137,902 in January 2012 to $159,390 in January 2013. For new home closings, the percentage of the sale price that was being financed increased 6.3 percentage points year-over-year to 95.4% in February 2013. This was another rise after January 2013 when there was a 7.1 percentage point rise from a year earlier.