In the Yuma, AZ market in April, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 23 a year earlier to 9 after the figure moved from 36 in March 2015 to 10 in March 2016.
A total of 322 new homes were sold during the 12 months that ended in April, down from 336 for the year that ended in March.
Last year, 23 of 215 total closings were new homes, and this percentage saw a decline as new home closings this year made up 9 of the 115 total closings. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $224,761, up from $205,396 a year earlier. This was on the heels of a 34.9% rise in March year-over-year.
Average mortgage size on new homes rose from $184,103 to $209,358. Average mortgage size on new homes went from $183,544 in March 2015 to $235,204 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 rise in April from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 34.9% of existing home closings, higher than 27.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.9% in April from 13.0% a year earlier while REO closings as a percentage of existing home closings grew to 16.0% from 14.1%.