New home closings in the Ocean City, NJ market stayed the same year-over-year in January, staying relatively stable after having decreased year-over-year in December. Closings remained level at 4 from a year earlier after the figure moved from 9 in December 2014 to 7 in December 2015.

A total of 51 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.

New home closings were 4 out of the 269 total closings, a move on a percentage basis from 4 of 236 a year earlier. For new and existing homes, closings jumped year-over-year in January after also increasing in December year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $337,875, compared with $450,227 last year. This followed a 95.1% surge in December year-over-year.

The average mortgage size went down to $177,333 from $339,366 a year earlier. Average mortgage size on new homes went from $343,650 in December 2014 to $729,500 in December 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 fell from 2,542 square feet a year earlier to 1,430 square feet.

Foreclosures and real estate owned (REO) closings increased in January from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 14.0% of existing home closings, higher than 12.1% a year earlier. The percentage of existing home closings involving foreclosures went from 8.2% in January 2015 to 7.5% in January 2016 and REO closings as a percentage of existing home closings grew to 6.4% from 3.9%.

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