New home closings in the Yuma, AZ market remained steady year-over-year in November, remaining unchanged after minimal movement in October from the year earlier. Closings were unchanged at six from a year earlier after remaining steady at 10 in October from the year earlier.
A total of 204 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.
Six of the 168 total closings were new home closings, a shift on a percentage basis from six out of 226 a year earlier. After rising year-over-year in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $198,729, down from $211,514 a year earlier. This was on the heels of a 15.7% fall in October from a year earlier.
Average mortgage size on new homes went from $192,890 a year earlier to $211,545. Average mortgage size on new homes went from $207,826 in October 2011 to $191,358 in October 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in November 2012. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 56.8% of existing home closings, down from 67.7% a year earlier. The percentage of existing home closings involving foreclosures slipped to 35.2% in November from 36.8% a year earlier while REO closings as a percentage of existing home closings dipped to 21.6% from 30.9% a year earlier.
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