In the Yuma, AZ market, closings of new homes slid year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 18 a year earlier to 3 after the figure moved from 34 in August 2014 to 2 in August 2015.
A total of 115 new homes were sold during the 12 months that ended in September, down from 130 for the year that ended in August.
Last year, 18 of 190 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 171 total closings. Following a year-over-year decline in August, closings of new and existing homes also declined year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes was $263,300, an increase from $204,288 a year earlier. This was on the heels of a 39.4% bump in August year-over-year.
The average mortgage size on new homes was $267,053, up from $188,504. Average mortgage size on new homes went from $179,013 in August 2014 to $212,087 in August 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 September from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 35.1% of existing home closings, down from 45.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.1% in September from 22.7% a year earlier while REO closings as a percentage of existing home closings fell to 19.0% from 23.3% a year earlier.