In the Yuma, AZ market in November, new home sales slid year-over-year, and the decline was by a larger percentage than the October 2011. New home sales moved from 16 a year earlier to three after the figure moved from 14 in October 2010 to six in October 2011.

A total of 186 new homes were sold during the 12 months that ended in November, down from 199 for the year that ended in October.

New home sales were three of the 174 total sales, down on a percentage basis from 16 of 189 a year earlier. Following a year-over-year decline in October, sales of new and existing homes also declined year-over-year in November.

The average new home price was $167,967 in November 2011, up from $145,124 a year earlier. This was on the heels of a 45.3% drop in October from a year earlier.

Average mortgage size on new homes went from $109,160 a year earlier to $123,920. Average mortgage size on new homes went from $20,188 in October 2010 to $200,421 in October 2011.

There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. Single-family homes continued to account for all of new home sales.

Foreclosures and real estate owned (REO) sales stayed steady in November from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, represented 64.3% of existing sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures rose to 42.7% in November from 30.6% a year earlier while REO sales as a percentage of existing home sales dropped to 21.6% from 32.9% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.