In July, there was a fall year-over-year in new home closings in the Yuma, AZ market, and the decline was by a larger percentage than the June 2015. New home closings moved from 19 a year earlier to none after the figure moved from 26 in June 2014 to 7 in June 2015.
New home closings were 10.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 153 total closings. Closings of new and existing homes fell year-over-year in July after also falling in June year-over-year.
Other Market Trends
There were no new home closings in July 2015, but average size of newly sold homes was 2,064 a year earlier.
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings accounted for 38.6% of existing home closings, up from 38.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.0% in July from 17.6% a year earlier and REO closings moved from 20.6% of existing home closings in July 2014 to 19.6% in July 2015.