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Atlantic City, NJ Local News

Atlantic City, NJ - Recent Figures for New Home Sales Suggest Climb Gaining Steam

Posted on: May 06, 2012 09:12:40 AM

There was a rise in new home sales in the Atlantic City, NJ market in February year-over-year, and the increase was greater than January 2012. New home sales moved from 12 a year earlier to 21 after the figure moved from 10 in January 2011 to 14 in January 2012.

A total of 222 new homes were sold during the 12 months that ended in February, up from 213 for the year that ended in January.

New home sales were 21 out of 209 total sales, making up 10.0%. This is up on a percentage basis from 12 of 170 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also grew year-over-year in February.

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Pricing and Mortgage Trends

The average new home price was $281,558, down from $310,994 a year earlier. This was on the heels of a move from $258,881 per unit to $257,847 from February 2010 to January 2012.

Average mortgage size on new homes moved from $224,158 to $224,840. Average mortgage size on new homes went from $237,283 in January 2011 to $233,157 in January 2012. For new home sales, the percentage of the sale price that was being financed rose 7.8 percentage points year-over-year to 79.9% in February 2012. This came after a 1.2 percentage point decline in January from a year earlier.

 
 
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