New Home Closings and Prices in Little Rock AR Fall According to Recent Figures
Posted on: Aug 08, 2014 11:33:02 AM
In May, there was a fall year-over-year in new home closings in the Little Rock, AR market, but the decline was less than the year-over-year decline in April. New home closings moved from 38 a year earlier to 10 after the figure moved from 59 in April 2013 to 6 in April 2014.
A total of 265 new homes were sold during the 12 months that ended in May, down from 293 for the year that ended in April.
Last year, 38 of 1,160 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 1,001 total closings. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $172,540, compared with $262,266 last year. This was on the heels of a 9.1% boost in April year-over-year.
Average mortgage size on new homes fell from $226,713 to $154,314. Average mortgage size on new homes went from $199,428 in April 2013 to $179,969 in April 2014.