The Vineland, NJ market saw a drop in new home closings year-over-year in November, declining after staying relatively stable in October from the year earlier. Closings stood at 3 in November after being 5 a year earlier and remaining unchanged at 3 in October from a year earlier.
New home closings were 3 out of the 131 total closings, down on a percentage basis from 5 of 103 a year earlier. Following a year-over-year increase in October, closings of new and existing homes also jumped year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes rose to $216,496 from last year's $201,408. This came after a 67.2% bump in October year-over-year.
The average mortgage size moved to $203,776, down from last year's $257,683.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,871 square feet a year earlier to 1,384 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in November from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 52.3% of existing home closings, up from 34.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 32.0% in November from 15.3% a year earlier and REO closings moved from 19.4% of existing home closings in November 2014 to 20.3% in November 2015.