New home closings fell year-over-year in June in the Vineland, NJ market, but the decline was less than the year-over-year decline in May. New home closings moved from 3 a year earlier to 1 after the figure moved from 5 in May 2015 to 1 in May 2016.
A total of 43 new homes were sold during the 12 months that ended in June, down from 45 for the year that ended in May.
New home closings were 1 out of the 89 total closings, a move on a percentage basis from 3 of 187 a year earlier. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
The average per-unit price of new homes was $174,400, compared with $201,267 last year. This was on the heels of a 3.9% fall in May from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings declined in June from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 33.0% of existing home closings, down from 45.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.5% in June from 36.4% a year earlier while REO closings as a percentage of existing home closings jumped to 28.4% from 9.2%.