Closings of new homes fell year-over-year in April in the Yuma, AZ market, but the decline was less than the year-over-year decline in March. New home closings moved from 23 a year earlier to 9 after the figure moved from 36 in March 2015 to 10 in March 2016.
A total of 322 new homes were sold during the 12 months that ended in April, down from 336 for the year that ended in March.
Last year, 23 of 215 total closings were new homes, and this percentage saw a decline as new home closings this year made up 9 of the 115 total closings. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $205,396 last year to $224,761. This followed a 34.9% rise in March year-over-year.
From the year-ago figure of $184,103, the average mortgage size on new homes moved up to $209,358. Average mortgage size on new homes went from $183,544 in March 2015 to $235,204 in March 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 April from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings accounted for 34.9% of existing home closings, above 27.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.9% in April from 13.0% a year earlier while REO closings as a percentage of existing home closings increased to 16.0% from 14.1%.