Closings of new homes in the Trenton, NJ market fell year-over-year in May, dropping after staying level in April. Closings stood at 9 in May after being 10 a year earlier and remaining unchanged at 14 in April from a year earlier.
A total of 150 new homes were sold during the 12 months that ended in May, down from 151 for the year that ended in April.
9 of the 320 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Following a year-over-year increase in April, closings of new and existing homes dropped year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $451,288, down from last year's $505,461. This came after a 94.8% lift in April year-over-year.
Average mortgage size on new homes moved from $368,477 to $367,765. Average mortgage size on new homes went from $228,576 in April 2015 to $446,038 in April 2016.
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 continued to decline from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 17.7% of existing home closings, below 31.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.9% in May from 23.0% a year earlier while REO closings as a percentage of existing home closings increased to 13.8% from 8.1%.