New home closings in the Atlantic City, NJ market remained steady year-over-year in September, staying level after a year-over-year decline in August from the year earlier. Closings remained level at 8 from a year earlier after the figure moved from 17 in August 2014 to 7 in August 2015.
A total of 149 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
New home closings were 8 out of the 416 total closings, a move on a percentage basis from 8 of 336 a year earlier. For new and existing homes, closings gained year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $570,100, an increase from $312,301 a year earlier. This was on the heels of a 27.4% decline in August from a year earlier.
From the year-ago figure of $271,849, the average mortgage size on new homes moved up to $550,769. Average mortgage size on new homes went from $286,909 in August 2014 to $214,944 in August 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 rose from 1,989 square feet a year earlier to 3,163 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in September from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.9% of existing home closings, higher than 29.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.7% in September from 21.0% a year earlier while REO closings as a percentage of existing home closings grew to 15.2% from 8.2%.