There was a rise in closings of new homes in the Yuma, AZ market in August year-over-year, but the increase was less than July 2012. New home closings moved from nine a year earlier to 13 after the figure moved from 12 in July 2011 to 21 in July 2012.
A total of 195 new homes were sold during the 12 months that ended in August, up from 191 for the year that ended in July.
New home closings were 13 of the 217 total closings, up on a percentage basis from nine of 222 a year earlier. After rising year-over-year in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $175,033 in August 2012, down from $202,291 a year earlier. This came after a 5.0% rise in July year-over-year.
There was a decline in average mortgage size on new homes, going from $179,643 last year to $174,376 in August 2012. Average mortgage size on new homes went from $173,690 in July 2011 to $179,413 in July 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 August 2012. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 63.7% of existing closings, lower than 74.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 35.8% in August from 33.3% a year earlier while REO closings as a percentage of existing home closings sank to 27.9% from 40.8% a year earlier.
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