Closings of new homes in the Ocean City, NJ market fell year-over-year in August, declining after staying relatively stable in July from the year earlier. Closings stood at 6 in August after being 13 a year earlier and remaining unchanged at 6 in July from a year earlier.
A total of 64 new homes were sold during the 12 months that ended in August, down from 71 for the year that ended in July.
New home closings were 4.3% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 6 of the 359 total closings. For new and existing homes, closings rose year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $518,302, down from last year's $703,077. This was on the heels of a 12.0% lift in July year-over-year.
The average mortgage size went down to $325,892 from $433,250 a year earlier. Average mortgage size on new homes went from $327,115 in July 2014 to $447,728 in July 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,488 square feet a year earlier to 2,301 square feet.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 13.0% of existing home closings, above 10.0% a year earlier. The percentage of existing home closings involving foreclosures stayed at 6.2% of closings in August from a year earlier while REO closings as a percentage of existing home closings climbed to 6.8% from 3.8%.