There was an increase in closings of new homes in the Prescott, AZ market in November year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 14 a year earlier to 29 after the figure moved from 30 in October 2014 to 27 in October 2015.
A total of 437 new homes were sold during the 12 months that ended in November, up from 422 for the year that ended in October.
New home closings were 29 of the 355 total closings, up on a percentage basis from 14 of 361 a year earlier. Closings of new and existing homes sank year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $342,328 from last year's $294,513. This was on the heels of a 20.9% surge in October year-over-year.
The average mortgage size on new homes was $238,995, up from $215,080. Average mortgage size rose 26.9% in October 2015 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,860 square feet a year earlier to 1,630 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 12.6% of existing home closings, down from 18.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.1% in November from 9.5% a year earlier while REO closings as a percentage of existing home closings slid to 5.5% from 8.9% a year earlier.