In March, the Ocean City, NJ market saw a drop year-over-year in new home closings, a decline following a rise in February 2016. New home closings moved from 5 a year earlier to 3 after the figure moved from 2 in February 2015 to 7 in February 2016.
A total of 74 new homes were sold during the 12 months that ended in March, down from 76 for the year that ended in February.
3 of the 362 total closings were new home closings, a shift on a percentage basis from 5 out of 305 a year earlier. Following a year-over-year increase in February, closings of new and existing homes also rose year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes was $551,600, an increase from $270,220 a year earlier. This came after a 36.4% fall in February from a year earlier.
The average mortgage size on new homes was $400,000, up from $220,949. Average mortgage size on new homes went from $805,000 in February 2015 to $411,723 in February 2016.
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 rose in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 24.8% of existing home closings, up from 20.7% a year earlier. The percentage of existing home closings involving foreclosures stayed at 15.0% of closings in March from a year earlier while REO closings as a percentage of existing home closings jumped to 9.7% from 5.7%.