New Home Closings in Little Rock AR Gain, Prices Decline According to Recent Figures
Posted on: May 06, 2013 07:21:15 AM
New home closings increased year-over-year in February in the Little Rock, AR market, rebounding from a year-over-year decline in January 2013. Closings increased 8.7% from a year earlier to 75, compared with a 1.3% decline in January from the year earlier.
A total of 1,081 new homes were sold during the 12 months that ended in February, up from 1,075 for the year that ended in January.
Out of all housing closings, new home closings made up 12.0%. They represented 11.3% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also rose year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.2% decline year-over-year to $202,627 per unit in February. This is a swing down from a 13.7% surge in January year-over-year.
In February 2013, average mortgage size on newly sold homes moved from $188,856 to $187,726 from February 2012. In January 2013, average mortgage size on newly sold homes saw a 13.6% gain year-over-year from a year earlier. From a year earlier, the percentage of new home sale price being financed saw a 6.2 percentage point rise. It went from 92.7% in January 2012 to 92.6% in January 2013.