The Trenton, NJ market saw a drop in new home closings year-over-year in May, declining after staying relatively stable in April from the year earlier. Closings stood at 9 in May after being 10 a year earlier and remaining unchanged at 14 in April from a year earlier.
A total of 150 new homes were sold during the 12 months that ended in May, down from 151 for the year that ended in April.
Out of the 320 total closings, 9 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year rise in April, closings of new and existing homes fell year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $451,288, down from $505,461 a year earlier. This was on the heels of a 94.8% lift in April year-over-year.
Average mortgage size on new homes moved from $368,477 to $367,765. Average mortgage size on new homes went from $228,576 in April 2015 to $446,038 in April 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 17.7% of existing home closings, down from 31.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 3.9% in May from 23.0% a year earlier while REO closings as a percentage of existing home closings grew to 13.8% from 8.1%.