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.
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.
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.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up four of 21 new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up 17 of 21 new home sales after making up all of sales a year earlier.
The average unit size of newly sold homes fell from 2,219 square feet a year earlier to 1,222 square feet.
Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO sales made up 16.0% of existing home sales, down from 30.4% a year earlier. The percentage of existing home sales involving foreclosures rose to 8.0% in February from 6.3% a year earlier while REO sales as a percentage of existing home sales slid to 8.0% from 24.1% a year earlier.
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Source: Housing Intelligence