Prices of New Homes Climb in Vineland, Sales Decrease According to Freshest Data
Posted on: May 06, 2013 07:38:15 AM
In the Vineland, NJ market in February, closings of new homes fell year-over-year, dropping after a year-over-year increase in January 2013. New home closings moved from seven a year earlier to five after the figure moved from four in January 2012 to five in January 2013.
A total of 89 new homes were sold during the 12 months that ended in February, down from 91 for the year that ended in January.
New home closings were five out of the 50 total closings, a move on a percentage basis from seven of 64 a year earlier. Following a year-over-year rise in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $191,550 from $189,611 a year ago. This was on the heels of a 39.7% bump in January year-over-year.
From the year-ago figure of $156,048, the average mortgage size on new homes moved up to $169,812. Average mortgage size on new homes went from $125,110 in January 2012 to $165,158 in January 2013. For new home closings, the percentage of the sale price that was being financed rose 6.4 percentage points year-over-year to 88.7% in February 2013. This came after a 5.0 percentage point decline in January from a year earlier.