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.
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.
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 2013. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes rose from 1,642 square feet a year earlier to 1,761 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings accounted for 27.5% of existing home closings. They made up 32.4% in February 2012. The percentage of existing home closings involving foreclosures went from 14.8% in February 2012 to 15.1% in February 2013 and REO closings as a percentage of existing home closings declined to 12.4% from 17.6% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Fort Smith, AR area.
Source: Housing Intelligence