There was an increase in closings of new homes in the Ocean City, NJ market in April year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 4 a year earlier to 6 after the figure moved from 5 in March 2015 to 3 in March 2016.
A total of 76 new homes were sold during the 12 months that ended in April, up from 74 for the year that ended in March.
New home closings were 6 out of the 372 total closings, a move on a percentage basis from 4 of 377 a year earlier. Following a year-over-year increase in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $581,958 last year to $645,500. This was on the heels of a more than twofold hike in March year-over-year.
There was a decline in average mortgage size on new homes, going from $537,966 last year to $312,258 in April 2016. Average mortgage size on new homes went from $220,949 in March 2015 to $400,000 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.
There was a move in the average unit size of newly sold homes from 2,210 square feet in April 2015 to 2,197 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 12.3% of existing home closings, down from 16.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.6% in April from 9.9% a year earlier and REO closings moved from 6.7% of existing home closings in April 2015 to 5.7% in April 2016.