In the Trenton, NJ market, closings of new homes fell year-over-year in June, sliding after a growth in May 2015. New home closings moved from 13 a year earlier to 8 after the figure moved from 4 in May 2014 to 10 in May 2015.
A total of 99 new homes were sold during the 12 months that ended in June, down from 104 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 2.3% from 3.6% a year earlier. For new and existing homes, closings fell in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2015 was $410,827, down from last year's $431,457. This came after a 30.4% hike in May year-over-year.
The average mortgage size moved to $323,333, down from last year's $327,025. Average mortgage size on new homes went from $300,000 in May 2014 to $368,477 in May 2015.
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 2,152 square feet a year earlier to 1,288 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 17.1% of existing home closings, above 14.2% a year earlier. The percentage of existing home closings involving foreclosures went from 9.3% in June 2014 to 10.1% in June 2015 and REO closings as a percentage of existing home closings gained to 7.0% from 4.9%.