In the Trenton, NJ market in June, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the May 2016. New home closings moved from 11 a year earlier to 2 after the figure moved from 10 in May 2015 to 9 in May 2016.
A total of 141 new homes were sold during the 12 months that ended in June, down from 150 for the year that ended in May.
New home closings were 2 out of 38 total closings, making up 5.3%. This is up on a percentage basis from 11 of 573 a year earlier. Closings of new and existing homes sank year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $558,472 from $462,700 a year ago. This followed a 10.7% fall in May from a year earlier.
From the year-ago figure of $356,321, the average mortgage size on new homes moved up to $683,955. Average mortgage size went from $368,477 in May 2015 to $367,765 in May 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.
The average unit size of newly sold homes fell from 2,478 square feet a year earlier to 1,319 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 16.7% of existing home closings, down from 26.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.8% in June from 18.9% a year earlier while REO closings as a percentage of existing home closings rose to 13.9% from 7.1%.