The Trenton, NJ market saw a drop in new home closings year-over-year in April, sliding after a growth in March 2016. New home closings moved from 14 a year earlier to 13 after the figure moved from 10 in March 2015 to 22 in March 2016.
A total of 150 new homes were sold during the 12 months that ended in April, down from 151 for the year that ended in March.
Last year, 14 of 315 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 410 total closings. Closings of new and existing homes grew year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $543,501, up from $261,776 a year earlier. This followed a 8.8% drop in March from a year earlier.
From the year-ago figure of $228,576, the average mortgage size on new homes moved up to $487,377. Average mortgage size on new homes went from $289,401 in March 2015 to $322,577 in March 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 rise in April from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 39.5% of existing home closings, up from 31.9% a year earlier. The percentage of existing home closings involving foreclosures went from 21.6% in April 2015 to 22.2% in April 2016 and REO closings as a percentage of existing home closings increased to 17.4% from 10.3%.