New home closings gained year-over-year in March in the Trenton, NJ market, but the increase was less than February 2016. New home closings moved from 10 a year earlier to 22 after the figure moved from 9 in February 2015 to 25 in February 2016.
A total of 154 new homes were sold during the 12 months that ended in March, up from 142 for the year that ended in February.
New home closings were 22 out of 411 total closings, making up 5.4%. This is up on a percentage basis from 10 of 297 a year earlier. Following a year-over-year increase in February, closings of new and existing homes also rose year-over-year in March.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $380,793, down from last year's $417,384. This came after a 29.9% fall in February from a year earlier.
Average mortgage size on new homes increased to $322,577 from $289,401 last year. Average mortgage size on new homes went from $358,409 in February 2015 to $319,434 in February 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,025 square feet a year earlier to 1,576 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 42.2% of existing home closings, higher than 24.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 22.1% in March from 13.2% a year earlier while REO closings as a percentage of existing home closings jumped to 20.1% from 10.8%.