New home closings dropped year-over-year in January in the Vineland, NJ market, a decline following a rise in December 2015. New home closings moved from 2 a year earlier to none after the figure moved from 1 in December 2014 to 5 in December 2015.

On a percentage basis, new home closings as a part of total closings decreased to no part from 1.4% a year earlier. For new and existing homes, closings declined in January after also declining in December year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 26.2% of existing home closings, below 54.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.4% in January from 38.0% a year earlier while REO closings as a percentage of existing home closings gained to 23.8% from 16.1%.

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