In the Trenton, NJ market, closings of new homes sank year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 6 a year earlier to none after the figure moved from 7 in October 2014 to 3 in October 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 2.1% a year earlier. Following a year-over-year decline in October, closings of new and existing homes also fell year-over-year in November.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 1,772 a year earlier.
Foreclosures and real estate owned (REO) closings continued to rise in November from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 27.3% of existing home closings, above 23.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.1% in November from 12.7% a year earlier while REO closings as a percentage of existing home closings rose to 18.2% from 10.9%.