In the Lake Havasu City, AZ market in April, closings of new homes sank year-over-year, shifting downward off a boost in March 2016. Closings sank 26.9% from a year earlier to 19. This came on the heels of a 12.5% boost year-over-year in March.
A total of 248 new homes were sold during the 12 months that ended in April, down from 255 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 4.3% of overall housing closings. A year ago, new home closings made up 5.2%. After rising year-over-year in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.7% gain year-over-year to $239,203 per unit in April. This rise compares to a 6.9% fall in March from a year earlier.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. It fell 6.5% in April from a year earlier, reaching $181,479. In March 2016, average mortgage size on newly sold homes saw a 4.0% drop 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 April 2016. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes rose 8.5% year-over-year to 1,987 square feet in April 2016. In March, the average size of new homes sold went from 1,776 square feet a year earlier to 1,812 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 13.2% of existing home closings, down from 22.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.8% in April from 10.2% a year earlier while REO closings as a percentage of existing home closings fell to 8.4% from 12.3% a year earlier.