In the Lake Havasu City, AZ market, new home closings slid year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 28 a year earlier to 13 after the figure moved from 14 in November 2014 to 9 in November 2015.
A total of 208 new homes were sold during the 12 months that ended in December, down from 223 for the year that ended in November.
New home closings represented 13 out of the 333 total closings, which is a smaller percentage than the 28 of 328 total closings a year earlier. Closings of new and existing homes increased in December after staying steady in November from a year earlier.
Pricing and Mortgage Trends
The average price of new homes was $240,758, an increase from $222,173 a year earlier. This came after a 24.3% surge in November year-over-year.
Average mortgage size on new homes rose from $169,708 to $223,871. Average mortgage size on new homes went from $194,630 in November 2014 to $205,659 in November 2015.
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 fall from a year earlier in December, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 18.4% of existing home closings, below 24.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.8% in December from 13.0% a year earlier while REO closings as a percentage of existing home closings dropped to 9.7% from 11.3% a year earlier.
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