There was a rise in new home closings in the Ocean City, NJ market in October year-over-year, but the increase was less than September 2015. New home closings moved from 6 a year earlier to 7 after the figure moved from 4 in September 2014 to 5 in September 2015.
A total of 70 new homes were sold during the 12 months that ended in October, up from 69 for the year that ended in September.
Out of the 394 total closings, 7 were new home closings. This is consistent on a percentage basis with a year earlier. For new and existing homes, closings rose year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $554,596, moving from $555,293 last year. This was on the heels of a 47.3% decline in September from a year earlier.
Average mortgage size on new homes increased to $434,969 from $378,734 last year. Average mortgage size on new homes went from $443,500 in September 2014 to $367,231 in September 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 2,405 square feet a year earlier to 1,180 square feet.
Foreclosures and real estate owned (REO) closings increased in October from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 14.2% of existing home closings, up from 7.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.7% in October from 4.9% a year earlier while REO closings as a percentage of existing home closings climbed to 7.5% from 2.3%.