New home closings in the Atlantic City, NJ market declined year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 12 a year earlier to 5 after the figure moved from 23 in November 2014 to 8 in November 2015.
A total of 123 new homes were sold during the 12 months that ended in December, down from 130 for the year that ended in November.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 5 of the 390 total closings. Closings of new and existing homes jumped year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $294,200 last year to $362,439. This was on the heels of a 13.2% drop in November from a year earlier.
Average mortgage size on new homes rose from $209,641 to $298,801. Average mortgage size on new homes went from $290,529 in November 2014 to $350,766 in November 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 2,271 square feet a year earlier to 2,444 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in December from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, represented 40.3% of existing home closings, higher than 34.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 24.2% in December from 20.0% a year earlier while REO closings as a percentage of existing home closings climbed to 16.1% from 14.2%.