Sometimes you may wish to see not only the version of a package you currently have installed but also the versions that are available for installation.  Using following command, you can find out.

yum --showduplicates list package | expand

And here is the output you would expect using PHP as the example.

[jhudgins@www ~]$ sudo yum --showduplicates list php | expand
[sudo] password for jhudgins:
Loaded plugins: fastestmirror
Loading mirror speeds from cached hostfile
 * base: ftp.osuosl.org
 * epel: mirrors.xmission.com
 * extras: centos.den.host-engine.com
 * updates: mirror.es.its.nyu.edu
Installed Packages
php.x86_64 5.4.16-36.1.el7_2.1 @updates
Available Packages
php.x86_64 5.4.16-36.el7_1 base
php.x86_64 5.4.16-36.1.el7_2.1 updates