In June, the Atlantic City, NJ market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the May 2016. New home closings moved from 12 a year earlier to 3 after the figure moved from 19 in May 2015 to 17 in May 2016.
A total of 124 new homes were sold during the 12 months that ended in June, down from 133 for the year that ended in May.
3 of the 221 total closings were new home closings, a shift on a percentage basis from 12 out of 519 a year earlier. After rising year-over-year in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $383,137, up from $318,892 a year earlier. This was on the heels of a 6.6% hike in May year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $300,090 to $182,697. In May 2016, average mortgage size rose 31.8% from a year earlier.
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 2,200 square feet a year earlier to 1,060 square feet.
Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.2% of existing closings, lower than 42.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 13.3% in June from 27.4% a year earlier while REO closings as a percentage of existing home closings increased to 17.9% from 14.6%.