In the Trenton, NJ market in August, new home closings sank year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 4 a year earlier to none after the figure moved from 15 in July 2014 to 4 in July 2015.
New home closings represented none out of the 21 total closings, which is a smaller percentage than the 4 of 322 total closings a year earlier. For new and existing homes, closings slid in August after also declining in July year-over-year.
Other Market Trends
There were no new home closings in August 2015, but average size of newly sold homes was 1,684 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 9.5% of existing home closings, below 11.3% a year earlier. The percentage of existing home closings involving foreclosures fell to no part in August from 6.3% a year earlier while REO closings as a percentage of existing home closings grew to 9.5% from 5.0%.