In the Vineland, NJ market in December, new home closings grew year-over-year, rebounding from a year-over-year decline in November 2015. New home closings moved from 1 a year earlier to 2 after the figure moved from 5 in November 2014 to 3 in November 2015.
2 of the 134 total closings were new home closings, a shift on a percentage basis from 1 out of 142 a year earlier. After rising year-over-year in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes rose to $239,700 from last year's $208,304. This was on the heels of a 7.5% surge in November year-over-year.
From the year-ago figure of $204,530, the average mortgage size on new homes moved up to $240,751. Average mortgage size on new homes went from $257,683 in November 2014 to $203,776 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings continued to increase in December from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 43.9% of existing home closings, up from 37.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 21.2% in December from 26.2% a year earlier while REO closings as a percentage of existing home closings rose to 22.7% from 11.3%.