Closings of new homes in the Lake Havasu City, AZ market saw no change year-over-year in September, remaining relatively unchanged after rising in August from the year earlier. New home closings stayed level from a year earlier at 15. New home closings gained 50.0%in August year-over-year.
A total of 227 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
As a percentage of overall housing closings, new home closings made up 4.2% of overall housing closings. They made up 4.9% of closings a year earlier. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes slid by 16.2% year-over-year to $196,388 per unit in September. This decline is larger than the 15.9% drop in August from a year earlier.
For newly sold homes, the average mortgage size rose year-over-year in contrast to new home prices. It rose to $182,538 in September, a 9.6% hike. In August 2015, average mortgage size on newly sold homes saw a 25.9% fall from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings jumped from 80.0% of new closings in September 2014 to all of closings in September 2015. Conversely, the share of new home closings belonging to attached units fell to no part of closings from 20.0% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 20.9% of existing home closings, below 27.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.4% in September from 13.1% a year earlier while REO closings as a percentage of existing home closings slid to 11.5% from 14.8% a year earlier.
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