Recent Numbers Show Prices of New Homes Gain in Trenton, Sales Drop
Posted on: Apr 06, 2014 07:43:20 AM
The Trenton, NJ market saw a drop in new home closings year-over-year in December, sliding after a growth in November 2013. New home closings moved from 17 a year earlier to 4 after the figure moved from 9 in November 2012 to 12 in November 2013.
A total of 117 new homes were sold during the 12 months that ended in December, down from 130 for the year that ended in November.
New home closings represented 4 out of the 216 total closings, which is a smaller percentage than the 17 of 244 total closings a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $671,424, an increase from $649,210 a year earlier. This came after a 14.2% decline in November from a year earlier.
The average mortgage size went down to $177,300 from $439,094 a year earlier. Average mortgage size on new homes went from $337,407 in November 2012 to $321,075 in November 2013.