New home closings increased year-over-year in June in the Ocean City, NJ market, rebounding from a year-over-year decline in May 2015. New home closings moved from 8 a year earlier to 11 after the figure moved from 14 in May 2014 to 1 in May 2015.
A total of 71 new homes were sold during the 12 months that ended in June, up from 68 for the year that ended in May.
11 of the 404 total closings were new home closings, a shift on a percentage basis from 8 out of 324 a year earlier. For new and existing homes, closings increased year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $608,576 from last year's $384,672. This came after a 69.4% drop in May from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $301,770 to $257,376.
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 2,108 square feet a year earlier to 1,405 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 10.9% of existing home closings, down from 12.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.4% in June from 7.9% a year earlier and REO closings moved from 4.1% of existing home closings in June 2014 to 4.6% in June 2015.