Recent Figures Show New Home Sales and Prices Fall in Vineland
Posted on: Feb 12, 2014 07:23:13 AM
In the Vineland, NJ market, new home closings dropped year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 9 a year earlier to 8 after the figure moved from 8 in October 2012 to 4 in October 2013.
A total of 92 new homes were sold during the 12 months that ended in November, down from 93 for the year that ended in October.
8 of the 97 total closings were new home closings, a shift on a percentage basis from 9 out of 104 a year earlier. Following a year-over-year rise in October, closings of new and existing homes sank year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $164,535, down from $169,191 a year earlier. This was on the heels of a 62.0% gain in October year-over-year.
Average mortgage size on new homes rose from $159,213 to $182,097. Average mortgage size on new homes went from $175,137 in October 2012 to $249,035 in October 2013.