In the Yuma, AZ market, closings of new homes dropped year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 49 a year earlier to 1 after the figure moved from 29 in May 2015 to 2 in May 2016.
A total of 249 new homes were sold during the 12 months that ended in June, down from 297 for the year that ended in May.
New home closings were 19.9% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 65 total closings. For new and existing homes, closings slid in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average new home value went from $168,307 last year to $208,800. This was on the heels of a 99.6% lift in May year-over-year.
From the year-ago figure of $150,334, the average mortgage size on new homes moved up to $215,690. Average mortgage size on new homes went from $193,176 in May 2015 to $322,700 in May 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 rise in June from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings made up 42.2% of existing home closings, above 29.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 31.2% in June from 11.2% a year earlier while REO closings as a percentage of existing home closings fell to 10.9% from 18.3% a year earlier.