New home closings in the Vineland, NJ market were unchanged year-over-year in April, remaining relatively stable after moving north year-over-year in March from the year earlier. New home closings moved from 3 a year earlier to 3 after the figure moved from none in March 2015 to 3 in March 2016. Closings remained level at 3 from a year earlier after the figure moved from none in March 2015 to 3 in March 2016.
A total of 49 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
New home closings were 3 out of the 108 total closings, a move on a percentage basis from 3 of 135 a year earlier. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
The average value of newly sold homes in April 2016 was $242,341, down from last year's $253,667. This came after a set of periods with no new home closings in both March 2016 or March 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 April 2016.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 33.3% of existing home closings, down from 47.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.4% in April from 27.3% a year earlier while REO closings as a percentage of existing home closings rose to 21.9% from 19.7%.