New home closings sank year-over-year in July in the Lake Havasu City, AZ market, and the decline was by a larger percentage than the June 2016. New home closings moved from 24 a year earlier to 14 after the figure moved from 28 in June 2015 to 24 in June 2016.
A total of 234 new homes were sold during the 12 months that ended in July, down from 244 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 3.7% from 6.2% a year earlier. After new and existing closings grew in June year-over-year, they stayed level in July.
Pricing and Mortgage Trends
The average new home price was $191,612, down from $228,439 a year earlier. This followed a 11.3% lift in June year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $193,699 to $159,450. In June 2016, average mortgage size on newly sold homes saw a 2.3% rise year-over-year 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 2016.
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 accounted for 19.5% of closings, below 21.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.0% in July from 7.7% a year earlier while REO closings as a percentage of existing home closings slid to 6.5% from 14.1% a year earlier.