In March, there was a drop year-over-year in new home closings in the Atlantic City, NJ market, but the decline was less than the year-over-year decline in February. New home closings moved from 16 a year earlier to 4 after the figure moved from 17 in February 2015 to 2 in February 2016.
A total of 123 new homes were sold during the 12 months that ended in March, down from 135 for the year that ended in February.
New home closings represented 4 out of the 219 total closings, which is a smaller percentage than the 16 of 401 total closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $1,069,375.00, up from $384,352 a year earlier. This came after a 49.0% fall in February from a year earlier.
The average mortgage size moved to $168,750, down from last year's $329,954. Average mortgage size on new homes went from $318,814 in February 2015 to $127,760 in February 2016.
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 rose from 1,758 square feet a year earlier to 2,426 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings represented 53.0% of existing home closings, up from 48.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 36.7% in March from 33.2% a year earlier and REO closings moved from 15.3% of existing home closings in March 2015 to 16.3% in March 2016.