In the Vineland, NJ market in May, closings of new homes fell year-over-year, dropping after staying level in April. Closings stood at 1 in May after being 5 a year earlier and remaining unchanged at 3 in April from a year earlier.
A total of 45 new homes were sold during the 12 months that ended in May, down from 49 for the year that ended in April.
New home closings were 3.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 118 total closings. After rising year-over-year in April, closings of new and existing homes declined year-over-year in May.
The average per-unit price of new homes was $237,897, compared with $247,500 last year. This followed a 4.5% fall in April from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 45.3% of existing home closings, up from 38.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 23.1% in May from 18.8% a year earlier while REO closings as a percentage of existing home closings gained to 22.2% from 19.4%.