In April, there was a fall year-over-year in new home closings in the Atlantic City, NJ market, but the decline was less than the year-over-year decline in March. New home closings moved from 15 a year earlier to 6 after the figure moved from 18 in March 2015 to 7 in March 2016.
A total of 126 new homes were sold during the 12 months that ended in April, down from 135 for the year that ended in March.
Last year, 15 of 397 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 359 total closings. After rising year-over-year in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $365,874, down from last year's $614,666. This was on the heels of a 60.1% gain in March year-over-year.
Average mortgage size on new homes went from $310,595 a year earlier to $316,690. Average mortgage size on new homes went from $311,303 in March 2015 to $263,692 in March 2016.
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 2,222 square feet a year earlier to 982 square feet.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 38.2% of existing closings, lower than 41.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 21.2% in April from 26.4% a year earlier while REO closings as a percentage of existing home closings increased to 17.0% from 15.4%.