In the Yuma, AZ market, closings of new homes dropped year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 8 a year earlier to 4 after the figure moved from 9 in December 2014 to 3 in December 2015.
New home closings were 4.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 4 of the 132 total closings. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $173,600, down from $204,502 a year earlier. This was on the heels of a 16.1% lift in December year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $185,997 to $141,628. Average mortgage size on new homes went from $217,748 in December 2014 to $233,510 in December 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.2% of existing closings, lower than 34.9% a year earlier. The percentage of existing home closings involving foreclosures went from 14.3% in January 2015 to 14.8% in January 2016 and REO closings as a percentage of existing home closings slid to 16.4% from 20.6% a year earlier.