Recent Figures Show New Home Prices Increase, Sales Decline in Vineland
Posted on: Aug 08, 2014 11:55:07 AM
In the Vineland, NJ market in May, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in April. New home closings moved from 9 a year earlier to 5 after the figure moved from 8 in April 2013 to 3 in April 2014.
A total of 69 new homes were sold during the 12 months that ended in May, down from 73 for the year that ended in April.
New home closings were 5 out of the 136 total closings, down on a percentage basis from 9 of 115 a year earlier. Closings of new and existing homes increased year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $230,402, an increase from $204,807 a year earlier. This came after a 2.1% boost in April year-over-year.
Average mortgage size on new homes increased to $207,929 from $201,399 last year. Average mortgage size went from $175,727 in April 2013 to $174,449 in April 2014.