In November, there was a drop year-over-year in new home closings in the Ocean City, NJ market, dropping after a year-over-year increase in October 2015. New home closings moved from 9 a year earlier to 5 after the figure moved from 6 in October 2014 to 7 in October 2015.

A total of 66 new homes were sold during the 12 months that ended in November, down from 70 for the year that ended in October.

New home closings were 3.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 321 total closings. Closings of new and existing homes grew year-over-year in November after also rising in October year-over-year.

The average new home price was $769,250, down from $903,977 a year earlier. This came after a move from $555,293 per unit in October 2014 to $554,596 in October 2015.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes fell from 3,162 square feet a year earlier to 2,125 square feet.

Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.4% of existing home closings, higher than 12.4% a year earlier. The percentage of existing home closings involving foreclosures went from 9.1% in November 2014 to 9.5% in November 2015 and REO closings as a percentage of existing home closings gained to 8.9% from 3.3%.

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