New home closings declined year-over-year in January in the Atlantic City, NJ market, and the decline was by a larger percentage than the December 2015. New home closings moved from 8 a year earlier to 1 after the figure moved from 12 in December 2014 to 5 in December 2015.
A total of 116 new homes were sold during the 12 months that ended in January, down from 123 for the year that ended in December.
Last year, 8 of 255 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 209 total closings. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
The average value of newly sold homes in January 2016 was $225,900, down from last year's $367,989. This followed a 7.4% drop in December 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.
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 46.6% of existing home closings, higher than 35.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 28.4% in January from 17.8% a year earlier and REO closings moved from 17.8% of existing home closings in January 2015 to 18.3% in January 2016.