The Atlantic City, NJ market saw a rise in new home closings in July year-over-year, rebounding from a year-over-year decline in June 2015. New home closings moved from 6 a year earlier to 10 after the figure moved from 15 in June 2014 to 9 in June 2015.
A total of 156 new homes were sold during the 12 months that ended in July, up from 152 for the year that ended in June.
New home closings were 10 out of the 453 total closings, a move on a percentage basis from 6 of 390 a year earlier. For new and existing homes, closings jumped year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $360,158, down from $410,237 a year earlier. This was on the heels of a 50.6% surge in June year-over-year.
The average mortgage size moved to $269,770, down from last year's $364,167. Average mortgage size on new homes went from $203,559 in June 2014 to $386,445 in June 2015.
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.
The average unit size of newly sold homes fell from 2,419 square feet a year earlier to 1,864 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in July from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 33.2% of existing home closings, higher than 32.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.7% in July from 23.4% a year earlier while REO closings as a percentage of existing home closings gained to 16.5% from 9.1%.