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.
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.
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 home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes slipped 6.6% year-over-year to 1,817 square feet in February 2013. A decline was also seen in January 2013 when the average size of new homes sold dipped 6.3% to 1,605 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings represented 26.6% of existing home closings. In February 2012, they accounted for 21.6%. The percentage of existing home closings involving foreclosures rose to 13.5% in February from 9.2% a year earlier and REO closings moved from 12.4% of existing home closings in February 2012 to 13.1% in February 2013.
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Source: Housing Intelligence