New home closings dropped year-over-year in June in the Yuma, AZ market, and the decline was by a larger percentage than the May 2016. New home closings moved from 49 a year earlier to 1 after the figure moved from 29 in May 2015 to 2 in May 2016.
A total of 249 new homes were sold during the 12 months that ended in June, down from 297 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.5% from 19.9% a year earlier. For new and existing homes, closings fell in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $208,800, an increase from $168,307 a year earlier. This came after a 99.6% hike in May year-over-year.
Average mortgage size on new homes increased to $215,690 from $150,334 last year. Average mortgage size on new homes went from $193,176 in May 2015 to $322,700 in May 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 increase in June from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings made up 42.2% of existing home closings, above 29.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 31.2% in June from 11.2% a year earlier while REO closings as a percentage of existing home closings slid to 10.9% from 18.3% a year earlier.