In the Lake Havasu City, AZ market, closings of new homes slid year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 8 a year earlier to 7 after the figure moved from 28 in December 2014 to 14 in December 2015.
A total of 215 new homes were sold during the 12 months that ended in January, down from 216 for the year that ended in December.
New home closings were 7 out of the 297 total closings, same on a percentage basis as a year earlier. Following a period of little movement in December from a year earlier, closings of new and existing homes dropped year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $202,200, compared with $245,813 last year. This came after a 7.3% bump in December year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $218,756 to $170,102. Average mortgage size on new homes went from $169,708 in December 2014 to $215,691 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes fell from 1,821 square feet a year earlier to 1,601 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 18.6% of existing closings, lower than 23.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 8.6% in January from 9.7% a year earlier while REO closings as a percentage of existing home closings slid to 10.0% from 13.5% a year earlier.
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