Closings of new homes in the Flagstaff, AZ market remained unchanged year-over-year in February, staying relatively stable after having decreased year-over-year in January. Closings remained level at 1 from a year earlier after the figure moved from 6 in January 2015 to 2 in January 2016.

New home closings were 1 out of the 69 total closings, a move on a percentage basis from 1 of 106 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.

Pricing and Mortgage Trends

The average new home value went from $154,000 last year to $798,000. This was on the heels of a 37.1% decline in January from a year earlier.

Average mortgage size on new homes went from $138,600 a year earlier to $560,700. Average mortgage size on new homes went from $201,252 in January 2015 to $126,584 in January 2016.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 23.5% of existing home closings, above 12.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.3% in February from 5.7% a year earlier while REO closings as a percentage of existing home closings jumped to 13.2% from 6.7%.

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