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Atlantic City, NJ - Freshest Figures for New Home Sales Fall Year-Over-Year in November After Climbing Year-Over-Year in October

Posted on: Feb 06, 2012 09:12:05 AM

In the Atlantic City, NJ market, sales of new homes declined year-over-year in November, drawing a downward slope off of a rise in October 2011. Sales fell 13.6% from a year earlier to 19. This was after the housing market saw a 29.4% jump year-over-year in October.

A total of 227 new homes were sold during the 12 months that ended in November, down from 230 for the year that ended in October.

Of the total number of sales, new home sales made up 8.2%. A year ago, new home sales made up 8.8%. Sales of new and existing homes slipped year-over-year in November after also falling in October year-over-year.

Pricing and Mortgage Trends

The average price of new homes grew 12.9% year-over-year in November to $332,507 per unit. The lift is an upward shift from an 11.4% drop in October from a year earlier.

The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. It gained to $313,551 in November, a 70.4% surge. In October 2011, average mortgage size slid 16.7% from a year earlier. For new home sales, the percentage of the sale price that was being financed climbed 31.8 percentage points year-over-year to 94.3% in November 2011. This came after a 4.8 percentage point decline in October from a year earlier.

Other Market Trends

Single-family homes accounted for a greater percentage of new home sales than last year. Single-family home sales increased from 86.4% of new sales in November 2010 to 89.5% of sales in November 2011. Conversely, the share of new home sales belonging to attached units fell to 10.5% of sales from 13.6% of sales.

The average unit size of newly sold homes rose 18.0% year-over-year to 3,070 square feet in November 2011. This hike was somewhat steeper than the price bump, which was also seen in October 2011 when the average size of new homes sold grew 41.7% to 1,716 square feet from a year earlier.

Foreclosures and real estate owned (REO) sales continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO sales, taken together, accounted for 10.8% of existing sales, lower than 24.1% a year earlier. The percentage of existing home sales involving foreclosures dipped to 5.6% in November from 11.4% a year earlier while REO sales as a percentage of existing home sales declined to 5.2% from 12.7% a year earlier.

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