New home closings in the Flagstaff, AZ market were unchanged year-over-year in April, staying level after a year-over-year decline in March from the year earlier. Closings remained level at 3 from a year earlier after the figure moved from 9 in March 2015 to 3 in March 2016.

3 of the 123 total closings were new home closings, a shift on a percentage basis from 3 out of 136 a year earlier. After rising year-over-year in March, closings of new and existing homes fell year-over-year in April.

Pricing and Mortgage Trends

The average new home value went from $227,914 last year to $380,567. This was on the heels of a 58.5% bump in March year-over-year.

Average mortgage size on new homes rose from $305,250 to $377,445. Average mortgage size on new homes went from $189,509 in March 2015 to $392,807 in March 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 drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 5.8% of existing closings, lower than 13.5% a year earlier. The percentage of existing home closings involving foreclosures went from 3.8% in April 2015 to 4.2% in April 2016 and REO closings as a percentage of existing home closings declined to 1.7% from 9.8% a year earlier.

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