There was an increase in closings of new homes in the Vineland, NJ market in February year-over-year, rebounding from a year-over-year decline in January 2016. New home closings moved from 1 a year earlier to 3 after the figure moved from 2 in January 2015 to none in January 2016.
New home closings were 3 of the 139 total closings, up on a percentage basis from 1 of 132 a year earlier. Following a fall in January year-over-year, closings of new and existing homes rose year-over-year in February.
The average price for newly sold homes moved north to $247,000 from $175,000 a year ago. This was on the heels of a.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 51.5% of existing home closings, up from 43.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 33.8% in February from 30.5% a year earlier while REO closings as a percentage of existing home closings climbed to 17.6% from 13.0%.