In the Yuma, AZ market, new home closings dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 20 a year earlier to 1 after the figure moved from 12 in February 2015 to 2 in February 2016.
Last year, 20 of 232 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 167 total closings. Following a year-over-year decline in February, closings of new and existing homes also fell year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $259,900, up from $186,239 a year earlier. This came after a 24.7% fall in February from a year earlier.
The average mortgage size on new homes was $259,900, up from $194,253. Average mortgage size on new homes went from $219,238 in February 2015 to $143,374 in February 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 fall from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.9% of existing home closings, down from 32.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.8% in March from 17.9% a year earlier while REO closings as a percentage of existing home closings slid to 9.0% from 14.2% a year earlier.