Closings of new homes in the Atlantic City, NJ market dropped year-over-year in July, falling after a rise in June 2016. New home closings moved from 15 a year earlier to 1 after the figure moved from 12 in June 2015 to 16 in June 2016.

A total of 123 new homes were sold during the 12 months that ended in July, down from 137 for the year that ended in June.

New home closings represented 1 out of the 146 total closings, which is a smaller percentage than the 15 of 492 total closings a year earlier. After rising year-over-year in June, closings of new and existing homes slid year-over-year in July.

The average per-unit price of new homes was $224,000, compared with $382,377 last year. This came after a 6.0% drop in June from a year earlier.

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 fell from 2,218 square feet a year earlier to 1,710 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 20.0% of existing closings, lower than 36.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.9% in July from 22.4% a year earlier and REO closings moved from 14.0% of existing home closings in July 2015 to 13.1% in July 2016.

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