In February, there was a drop year-over-year in new home closings in the Atlantic City, NJ market, and the decline was by a larger percentage than the January 2016. New home closings moved from 16 a year earlier to 1 after the figure moved from 7 in January 2015 to 4 in January 2016.
A total of 103 new homes were sold during the 12 months that ended in February, down from 118 for the year that ended in January.
New home closings represented 1 out of the 118 total closings, which is a smaller percentage than the 16 of 275 total closings a year earlier. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.
The average per-unit price of new homes was $261,080, compared with $419,110 last year. This came after a 24.7% decline in January 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 increase in February from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings made up 49.6% of existing home closings, above 40.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 33.3% in February from 26.3% a year earlier while REO closings as a percentage of existing home closings increased to 16.2% from 14.7%.