In April, the Atlantic City, NJ market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 15 a year earlier to 6 after the figure moved from 18 in March 2015 to 7 in March 2016.
A total of 126 new homes were sold during the 12 months that ended in April, down from 135 for the year that ended in March.
New home closings were 6 out of the 359 total closings, down on a percentage basis from 15 of 397 a year earlier. Following a year-over-year rise in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $365,874, compared with $614,666 last year. This was on the heels of a 60.1% rise in March year-over-year.
Average mortgage size on new homes went from $310,595 a year earlier to $316,690. Average mortgage size on new homes went from $311,303 in March 2015 to $263,692 in March 2016.
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 2,222 square feet a year earlier to 982 square feet.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 38.2% of existing home closings, down from 41.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 21.2% in April from 26.4% a year earlier while REO closings as a percentage of existing home closings jumped to 17.0% from 15.4%.