Newest Numbers Indicate New Home Closings and Prices Fall in Atlantic City
Posted on: May 06, 2013 07:02:22 AM
New home closings in the Atlantic City, NJ market slid year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 25 a year earlier to seven after the figure moved from 21 in January 2012 to 17 in January 2013.
A total of 277 new homes were sold during the 12 months that ended in February, down from 295 for the year that ended in January.
New home closings accounted for seven of the 128 total closings, a smaller percentage compared with 25 of 216 closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $286,828, compared with $345,388 last year. This came after a 10.8% decline in January from a year earlier.
The average mortgage size on new homes was $250,179, up from $237,767. In January 2013, average mortgage size on newly sold homes saw a 10.0% fall from a year earlier. For new home closings, the average percentage of the price being financed climbed 18.4 percentage points from a year earlier. It went from 86.9% in January 2012 to 87.6% in January 2013.