Freshest Numbers Indicate New Home Closings and Prices Drop in Atlantic City
Posted on: Dec 06, 2013 07:03:22 AM
In September, there was a fall year-over-year in new home closings in the Atlantic City, NJ market, and the decline was by a larger percentage than the August 2013. New home closings moved from 27 a year earlier to 5 after the figure moved from 20 in August 2012 to 16 in August 2013.
A total of 206 new homes were sold during the 12 months that ended in September, down from 228 for the year that ended in August.
New home closings were 5 out of the 176 total closings, down on a percentage basis from 27 of 303 a year earlier. Following a year-over-year rise in August, closings of new and existing homes slid year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of new homes was $236,067, compared with $283,213 last year. This came after a 27.4% decline in August from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $223,970 to $202,770. In August 2013, average mortgage size on newly sold homes saw a 19.5% drop from a year earlier.