The Yuma, AZ market saw a drop in new home closings year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 29 a year earlier to 1 after the figure moved from 23 in April 2015 to 10 in April 2016.
A total of 296 new homes were sold during the 12 months that ended in May, down from 324 for the year that ended in April.
New home closings represented 1 out of the 128 total closings, which is a smaller percentage than the 29 of 233 total closings a year earlier. Closings of new and existing homes fell year-over-year in May after also falling in April year-over-year.
The average price of new homes rose to $455,947 from last year's $195,072. This came after a 7.2% bump in April year-over-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 rise in May from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings made up 26.8% of existing home closings, above 26.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.7% in May from 12.3% a year earlier while REO closings as a percentage of existing home closings dropped to 11.0% from 14.2% a year earlier.