The Flagstaff, AZ market saw no change in new home closings year-over-year in April, staying level after a year-over-year decline in March from the year earlier. Closings remained level at 3 from a year earlier after the figure moved from 9 in March 2015 to 3 in March 2016.
New home closings were 3 out of the 123 total closings, a move on a percentage basis from 3 of 136 a year earlier. After rising year-over-year in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $380,567, an increase from $227,914 a year earlier. This was on the heels of a 58.5% hike in March year-over-year.
Average mortgage size on new homes rose from $305,250 to $377,445. Average mortgage size on new homes went from $189,509 in March 2015 to $392,807 in March 2016.
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 drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 5.8% of existing home closings, below 13.5% a year earlier. The percentage of existing home closings involving foreclosures went from 3.8% in April 2015 to 4.2% in April 2016 and REO closings as a percentage of existing home closings fell to 1.7% from 9.8% a year earlier.