Closings of new homes slid year-over-year in December in the Yuma, AZ market, but the decline was less than the year-over-year decline in November. New home closings moved from 9 a year earlier to 3 after the figure moved from 19 in November 2014 to none in November 2015.
New home closings were 4.8% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 3 of the 154 total closings. For new and existing homes, closings sank in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $231,360 from last year's $199,319. This came after a.
Average mortgage size on new homes rose from $217,748 to $233,510.
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 fell in December from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 32.5% of existing home closings, down from 36.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.6% in December from 17.8% a year earlier while REO closings as a percentage of existing home closings gained to 19.9% from 18.3%.