Closings of new homes declined year-over-year in August in the Yuma, AZ market, but the decline was less than the year-over-year decline in July. New home closings moved from 34 a year earlier to 2 after the figure moved from 20 in July 2014 to none in July 2015.
Last year, 34 of 192 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 153 total closings. For new and existing homes, closings sank in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $253,000, an increase from $181,520 a year earlier. This followed a.
Average mortgage size on new homes increased to $212,087 from $179,013 last year.
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 drop from a year earlier in August, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 24.5% of existing home closings, below 41.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.9% in August from 16.5% a year earlier while REO closings as a percentage of existing home closings slid to 14.6% from 24.7% a year earlier.