Closings of new homes in the Vineland, NJ market slid year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 7 a year earlier to 5 after the figure moved from 6 in August 2014 to 4 in August 2015.
New home closings were 4.9% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 5 of the 158 total closings. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average new home price was $194,591, down from $210,592 a year earlier. This followed a 22.9% drop in August from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $198,573 to $175,341. Average mortgage size on new homes went from $217,564 in August 2014 to $174,409 in August 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 September 2015.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 38.6% of existing closings, lower than 43.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 19.6% in September from 34.3% a year earlier while REO closings as a percentage of existing home closings gained to 19.0% from 8.8%.