The Vineland, NJ market saw a drop in new home closings year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 11 a year earlier to 1 after the figure moved from 6 in June 2014 to 2 in June 2015.
On a percentage basis, new home closings as a part of total closings decreased to 0.7% from 8.3% a year earlier. Closings of new and existing homes remained steady in July after rising in June year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $180,000, moving from $180,883 last year. This was on the heels of a 16.8% rise in June year-over-year.
The average mortgage size moved to $162,800, down from last year's $182,178. Average mortgage size on new homes went from $170,754 in June 2014 to $215,424 in June 2015.
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 fell in July from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 28.6% of existing home closings, down from 33.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.0% in July from 25.4% a year earlier while REO closings as a percentage of existing home closings rose to 16.5% from 8.2%.