Closings of new homes fell year-over-year in July in the Ocean City, NJ market, falling after a rise in June 2015. New home closings moved from 6 a year earlier to 5 after the figure moved from 8 in June 2014 to 11 in June 2015.
A total of 70 new homes were sold during the 12 months that ended in July, down from 71 for the year that ended in June.
5 of the 381 total closings were new home closings, a shift on a percentage basis from 6 out of 273 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also climbed year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $489,619 last year to $513,004. This followed a 58.2% bump in June year-over-year.
The average mortgage size on new homes was $432,785, up from $327,115. Average mortgage size on new homes went from $301,770 in June 2014 to $257,376 in June 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 increased in July from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 16.0% of existing home closings, above 9.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.8% in July from 6.4% a year earlier while REO closings as a percentage of existing home closings increased to 7.2% from 3.4%.