Closings of new homes fell year-over-year in August in the Vineland, NJ market, but the decline was less than the year-over-year decline in July. New home closings moved from 5 a year earlier to 4 after the figure moved from 11 in July 2014 to 1 in July 2015.
New home closings represented 4 out of the 193 total closings, which is a smaller percentage than the 5 of 145 total closings a year earlier. Closings of new and existing homes rose year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $179,289, down from last year's $226,008. This came after a move from $180,883 per unit to $180,000 from July 2014 to July 2015.
There was a decline in average mortgage size on new homes, going from $209,795 last year to $177,559 in August 2015. Average mortgage size on new homes went from $182,178 in July 2014 to $162,800 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, represented 47.6% of existing home closings, up from 31.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 35.4% in August from 18.6% a year earlier and REO closings moved from 12.9% of existing home closings in August 2014 to 12.2% in August 2015.