There was a rise in new home closings in the Lake Havasu City, AZ market in July year-over-year, rebounding from a year-over-year decline in June 2015. New home closings moved from 14 a year earlier to 16 after the figure moved from 28 in June 2014 to 16 in June 2015.
A total of 211 new homes were sold during the 12 months that ended in July, up from 209 for the year that ended in June.
New home closings were 16 of the 304 total closings, up on a percentage basis from 14 of 404 a year earlier. After rising year-over-year in June, closings of new and existing homes declined year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $229,007 from last year's $190,905. This followed a 11.6% hike in June year-over-year.
Average mortgage size on new homes went from $165,315 a year earlier to $215,841. Average mortgage size gained 13.1% in June 2015 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 July 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 16.0% of closings, below 31.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.5% in July from 15.4% a year earlier while REO closings as a percentage of existing home closings fell to 11.5% from 15.9% a year earlier.
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