New Home Prices Gain in Atlantic City According to Newest Figures, Sales Decrease
Posted on: Aug 08, 2014 11:08:10 AM
The Atlantic City, NJ market saw a drop in new home closings year-over-year in May, and the decline was by a larger percentage than the April 2014. New home closings moved from 20 a year earlier to 16 after the figure moved from 14 in April 2013 to 12 in April 2014.
A total of 184 new homes were sold during the 12 months that ended in May, down from 188 for the year that ended in April.
New home closings made up 4.6% of overall housing closings. This is a fall 5.6% of closings a year earlier. Following a year-over-year rise in April, closings of new and existing homes declined year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $323,424 per unit in May, up 6.4%from a year earlier. This bump compares to a 8.6% decline in April from a year earlier.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. Average mortgage size gained 18.8% to $244,427 in May from a year earlier. Average mortgage size on new homes went from $217,545 in April 2013 to $199,399 in April 2014.