There was a rise in new home closings in the Trenton, NJ market in December year-over-year, but the increase was less than November 2015. New home closings moved from 14 a year earlier to 15 after the figure moved from 6 in November 2014 to 12 in November 2015.
A total of 114 new homes were sold during the 12 months that ended in December, up from 113 for the year that ended in November.
New home closings were 15 out of the 321 total closings, a move on a percentage basis from 14 of 337 a year earlier. Following a year-over-year rise in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $426,719, down from last year's $583,589. This was on the heels of a 15.2% fall in November from a year earlier.
The average mortgage size moved to $359,726, down from last year's $424,710. Average mortgage size on new homes went from $238,846 in November 2014 to $454,893 in November 2015.
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.
The average unit size of newly sold homes fell from 1,759 square feet a year earlier to 1,008 square feet.
Together, foreclosures plus REO closings represented 22.5% of existing home closings. In December 2014, they represented 22.6%. The percentage of existing home closings involving foreclosures went from 14.2% in December 2014 to 13.4% in December 2015 and REO closings moved from 8.4% of existing home closings in December 2014 to 9.2% in December 2015.