New home closings dropped year-over-year in April in the Lake Havasu City, AZ market, drawing a downward slope off of a rise in March 2016. New home closings saw a 26.9% drop from a year earlier to 19. This came on the heels of a 12.5% boost year-over-year in March.
A total of 248 new homes were sold during the 12 months that ended in April, down from 255 for the year that ended in March.
Out of all housing closings, new home closings accounted for 4.3%. A year ago, 5.2% of total closings were new home closings. Following a year-over-year rise in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 1.7% year-over-year in April to $239,203 per unit. This boost compares to a 6.9% drop in March from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It declined 6.5% in April from a year earlier to $181,479. In March 2016, average mortgage size on newly sold homes saw a 4.0% fall from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 8.5% gain year-over-year in the average unit size of newly sold homes to 1,987 square feet in April 2016. In March, the average size of new homes sold went from 1,776 square feet a year earlier to 1,812 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 13.2% of existing home closings, below 22.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.8% in April from 10.2% a year earlier while REO closings as a percentage of existing home closings dropped to 8.4% from 12.3% a year earlier.
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