Latest Numbers Show Prices of New Homes Gain in Atlantic City, Sales Decrease
Posted on: Apr 06, 2014 07:02:49 AM
New home closings in the Atlantic City, NJ market sank year-over-year in January, and the decline was by a larger percentage than the December 2013. New home closings moved from 17 a year earlier to 11 after the figure moved from 29 in December 2012 to 21 in December 2013.
A total of 196 new homes were sold during the 12 months that ended in January, down from 202 for the year that ended in December.
New home closings represented 11 out of the 177 total closings, which is a smaller percentage than the 17 of 226 total closings a year earlier. Following a year-over-year increase in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $392,205, an increase from $275,142 a year earlier. This followed a 16.0% surge in December year-over-year.
The average mortgage size on new homes was $354,674, up from $241,071. In December 2013, average mortgage size increased 31.2% from a year earlier.