New home closings in the Atlantic City, NJ market slid year-over-year in August, sliding after a growth in July 2015. New home closings moved from 16 a year earlier to 6 after the figure moved from 6 in July 2014 to 10 in July 2015.
A total of 148 new homes were sold during the 12 months that ended in August, down from 158 for the year that ended in July.
New home closings were 4.4% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 6 of the 206 total closings. Following a year-over-year increase in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $244,767, down from last year's $392,527. This came after a 12.2% decline in July from a year earlier.
The average mortgage size moved to $180,317, down from last year's $292,013. Average mortgage size on new homes went from $364,167 in July 2014 to $269,770 in July 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 2,124 square feet a year earlier to 992 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in August from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 39.5% of existing home closings, higher than 21.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 23.0% in August from 13.3% a year earlier while REO closings as a percentage of existing home closings increased to 16.5% from 8.1%.