In the Trenton, NJ market in July, new home closings sank year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 15 a year earlier to none after the figure moved from 13 in June 2014 to 9 in June 2015.
Last year, 15 of 355 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 125 total closings. Following a year-over-year rise in June, closings of new and existing homes sank year-over-year in July.
Other Market Trends
There were no new home closings in July 2015, but average size of newly sold homes was 1,386 a year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 7.2% of existing closings, lower than 17.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.6% in July from 11.2% a year earlier and REO closings moved from 5.9% of existing home closings in July 2014 to 5.6% in July 2015.