In March, the Flagstaff, AZ market saw a drop year-over-year in new home closings, dropping after staying level in February. Closings stood at 2 in March after being 9 a year earlier and remaining unchanged at 3 in February from a year earlier.
Last year, 9 of 164 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 168 total closings. Closings of new and existing homes rose year-over-year in March following a fall in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $384,572, up from $270,093 a year earlier. This was on the heels of a 46.0% rise in February year-over-year.
From the year-ago figure of $189,509, the average mortgage size on new homes moved up to $373,236. Average mortgage size on new homes went from $184,533 in February 2015 to $324,292 in February 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 continued to decline from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 7.8% of existing closings, lower than 11.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.8% in March from 6.5% a year earlier and REO closings moved from 5.2% of existing home closings in March 2015 to 6.0% in March 2016.