In the Ocean City, NJ market, closings of new homes fell year-over-year in August, falling after remaining level in July from the year earlier. Closings stood at 6 in August after being 13 a year earlier and remaining unchanged at 6 in July from a year earlier.
A total of 64 new homes were sold during the 12 months that ended in August, down from 71 for the year that ended in July.
Last year, 13 of 304 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 359 total closings. For new and existing homes, closings increased year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $518,302, compared with $703,077 last year. This was on the heels of a 12.0% bump in July year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $433,250 to $325,892. Average mortgage size on new homes went from $327,115 in July 2014 to $447,728 in July 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 rose from 1,488 square feet a year earlier to 2,301 square feet.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 13.0% of existing home closings, up from 10.0% a year earlier. The percentage of existing home closings involving foreclosures stayed at 6.2% of closings in August from a year earlier while REO closings as a percentage of existing home closings climbed to 6.8% from 3.8%.