Newest Figures Show New Home Prices Increase, Sales Drop in Atlantic City
Posted on: Mar 06, 2014 07:02:30 AM
Closings of new homes fell year-over-year in December in the Atlantic City, NJ market, a drop following an increase in November 2013. There was a 31.0% drop in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 31.8% boost year-over-year in November.
A total of 201 new homes were sold during the 12 months that ended in December, down from 210 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 6.2%. This is a drop 11.1% of closings a year earlier. Closings of new and existing homes grew year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 18.5% year-over-year in December to $386,358 per unit. This gain compares to a 4.1% fall in November from a year earlier.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. In December 2013, the average mortgage size on newly sold homes saw a 33.4% hike from a year earlier. In November 2013, average mortgage size on newly sold homes saw a 10.4% gain year-over-year from a year earlier.