In November, the Yuma, AZ market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 19 a year earlier to none after the figure moved from 20 in October 2014 to 3 in October 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 13.2% a year earlier. Following a year-over-year decline in October, closings of new and existing homes also declined year-over-year in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 32.5% of existing closings, lower than 40.8% a year earlier. The percentage of existing home closings involving foreclosures went from 15.2% in November 2014 to 15.8% in November 2015 and REO closings as a percentage of existing home closings dropped to 16.7% from 25.6% a year earlier.