Closings of new homes in the Vineland, NJ market remained steady year-over-year in July, remaining level after showing little movement in June from the year earlier. Closings were unchanged at 1 from a year earlier after remaining steady at 3 in June from the year earlier.
A total of 45 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings were 1 out of 34 total closings, making up 2.9%. This is up on a percentage basis from 1 of 152 a year earlier. Closings of new and existing homes declined year-over-year in July after also falling in June year-over-year.
The average new home value went from $180,000 last year to $189,000. This followed a 4.0% surge in June year-over-year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
The average unit size of newly sold homes fell from 1,780 square feet a year earlier to 1,492 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 21.2% of existing closings, lower than 30.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.1% in July from 13.9% a year earlier while REO closings as a percentage of existing home closings fell to 12.1% from 16.6% a year earlier.