New Home Closings and Prices in Little Rock AR Fall According to Latest Figures
Posted on: Jul 06, 2014 07:21:16 AM
New home closings in the Little Rock, AR market declined year-over-year in April, but the drop in percentage terms was an improvement from March 2014, suggesting that the market may be evening out. New home closings saw a fall of 17.5% from the year earlier to 80. This came on the heels of a 19.2% drop year-over-year in March.
A total of 1,098 new homes were sold during the 12 months that ended in April, down from 1,115 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 7.1%. This is down from the 8.8% of closings a year earlier. Closings of new and existing homes climbed year-over-year in April following a decline in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 3.4% decline year-over-year in April to $208,695 per unit. This decline is larger than the 2.9% fall in March from a year earlier.
The average mortgage size on newly sold homes slid year-over-year in contrast to the average price of new homes. It sank 3.9% in April from a year earlier, reaching $191,178. In March 2014, average mortgage size on newly sold homes saw a 1.5% drop from a year earlier.