In the Ocean City, NJ market, new home closings fell year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 9 a year earlier to 7 after the figure moved from 9 in November 2014 to 5 in November 2015.
A total of 64 new homes were sold during the 12 months that ended in December, down from 66 for the year that ended in November.
7 of the 365 total closings were new home closings, a shift on a percentage basis from 9 out of 340 a year earlier. For new and existing homes, closings increased year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $399,125 last year to $778,557. This followed a 14.9% fall in November from a year earlier.
Average mortgage size on new homes rose from $343,650 to $729,500.
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 2,362 square feet a year earlier to 2,323 square feet.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 20.1% of existing home closings, up from 9.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.4% in December from 4.8% a year earlier while REO closings as a percentage of existing home closings rose to 6.7% from 4.8%.