Closings of new homes in the Vineland, NJ market dropped 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 5 out of the 158 total closings, down on a percentage basis from 7 of 144 a year earlier. For new and existing homes, closings climbed year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $194,591, down from last year's $210,592. This came after a 22.9% drop in August from a year earlier.
There was a decline in average mortgage size on new homes, going from $198,573 last year to $175,341 in September 2015. 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 decreased in September from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 38.6% of closings, below 43.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 19.6% in September from 34.3% a year earlier while REO closings as a percentage of existing home closings jumped to 19.0% from 8.8%.