New home closings in the Trenton, NJ market sank year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 4 a year earlier to none after the figure moved from 15 in July 2014 to 4 in July 2015.
New home closings were none out of the 21 total closings, down on a percentage basis from 4 of 322 a year earlier. For new and existing homes, closings slid in August after also declining in July year-over-year.
Other Market Trends
There were no new home closings in August 2015, but average size of newly sold homes was 1,684 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 9.5% of existing closings, lower than 11.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to no part in August from 6.3% a year earlier while REO closings as a percentage of existing home closings increased to 9.5% from 5.0%.