There was an increase in closings of new homes in the Trenton, NJ market in January year-over-year, but the increase was less than December 2015. New home closings moved from 4 a year earlier to 5 after the figure moved from 14 in December 2014 to 21 in December 2015.
A total of 121 new homes were sold during the 12 months that ended in January, up from 120 for the year that ended in December.
5 of the 262 total closings were new home closings, a shift on a percentage basis from 4 out of 268 a year earlier. Following a year-over-year increase in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $416,611, down from $701,469 a year earlier. This was on the heels of a 23.1% fall in December from a year earlier.
The average mortgage size went down to $249,217 from $396,183 a year earlier. Average mortgage size on new homes went from $424,710 in December 2014 to $360,426 in December 2015.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 24.9% of closings, below 29.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.4% in January from 16.7% a year earlier while REO closings as a percentage of existing home closings increased to 19.5% from 12.5%.