New home closings in the Lake Havasu City, AZ market remained steady year-over-year in September, stabilizing after a surge in August from the year earlier. New home closings stayed level from a year earlier at 15. New home closings rose 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.

Of the total number of closings, new home closings made up 4.2%. New home closings were 4.9% of overall closings last year. Following a year-over-year increase in August, closings of new and existing homes also climbed year-over-year in September.

Pricing and Mortgage Trends

Average value of new homes sold in September was $196,388 per unit, down 16.2% from a year earlier. This decline is larger than the 15.9% fall in August from a year earlier.

There was a gain year-over-year in the average mortgage size on new homes in contrast to new home prices. It rose 9.6% in September from a year earlier to $182,538. Average mortgage size fell 25.9% in August 2015 from a year earlier.

Other Market Trends

As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings jumped from 80.0% of new closings in September 2014 to all of closings in September 2015. Meanwhile, attached units as a percentage of all new home closings dropped to no part of closings from 20.0% of closings.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 20.9% of existing home closings, down from 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 fell to 11.5% from 14.8% a year earlier.

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