The Atlantic City, NJ market saw no change in new home closings year-over-year in September, staying relatively stable after having decreased year-over-year in August. Closings remained level at 8 from a year earlier after the figure moved from 17 in August 2014 to 7 in August 2015.
A total of 149 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
New home closings were 8 out of the 416 total closings, a move on a percentage basis from 8 of 336 a year earlier. Closings of new and existing homes increased year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $570,100 from $312,301 a year ago. This was on the heels of a 27.4% decline in August from a year earlier.
Average mortgage size on new homes increased to $550,769 from $271,849 last year. Average mortgage size on new homes went from $286,909 in August 2014 to $214,944 in August 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 rose from 1,989 square feet a year earlier to 3,163 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in September from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings represented 31.9% of existing home closings, above 29.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.7% in September from 21.0% a year earlier while REO closings as a percentage of existing home closings climbed to 15.2% from 8.2%.