In the Lake Havasu City, AZ market, new home closings slid year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 14 a year earlier to 7 after the figure moved from 21 in October 2014 to 15 in October 2015.
A total of 222 new homes were sold during the 12 months that ended in November, down from 229 for the year that ended in October.
New home closings were 4.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 7 of the 298 total closings. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $338,683 from $243,532 a year ago. This came after a 4.9% bump in October year-over-year.
From the year-ago figure of $194,630, the average mortgage size on new homes moved up to $216,718. In October 2015, average mortgage size on newly sold homes saw a 19.3% hike year-over-year 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 rose from 1,580 square feet a year earlier to 1,662 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 22.3% of existing home closings, down from 29.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.7% in November from 13.2% a year earlier while REO closings as a percentage of existing home closings declined to 10.7% from 16.0% a year earlier.