In the Yuma, AZ market in September, new home closings sank year-over-year, 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.
On a percentage basis, new home closings as a part of total closings decreased to 1.8% from 9.5% a year earlier. Closings of new and existing homes dropped year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $263,300, an increase from $204,288 a year earlier. This came after a 39.4% surge in August year-over-year.
Average mortgage size on new homes went from $188,504 a year earlier to $267,053. 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 decreased in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 35.1% of existing closings, lower than 45.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 16.1% in September from 22.7% a year earlier while REO closings as a percentage of existing home closings declined to 19.0% from 23.3% a year earlier.