In November, 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 October 2015. New home closings moved from 23 a year earlier to 7 after the figure moved from 19 in October 2014 to 8 in October 2015.
A total of 129 new homes were sold during the 12 months that ended in November, down from 145 for the year that ended in October.
New home closings were 6.6% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 7 of the 327 total closings. Following a year-over-year increase in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average per-unit price of new homes was $286,760, compared with $413,037 last year. This came after a 18.0% hike in October year-over-year.
Average mortgage size on new homes rose from $290,529 to $294,560. Average mortgage size on new homes went from $294,622 in October 2014 to $332,164 in October 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.
Foreclosures and real estate owned (REO) closings continued to rise in November from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings made up 40.3% of existing home closings, above 36.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 26.6% in November from 24.5% a year earlier while REO closings as a percentage of existing home closings grew to 13.8% from 12.2%.