Recent Figures Show New Home Sales and Prices Drop in Ocean City
Posted on: Apr 06, 2014 07:30:38 AM
In the Ocean City, NJ market, new home closings slid year-over-year in December, and the decline was by a larger percentage than the November 2013. New home closings moved from 23 a year earlier to 7 after the figure moved from 18 in November 2012 to 16 in November 2013.
A total of 148 new homes were sold during the 12 months that ended in December, down from 164 for the year that ended in November.
New home closings were 7 out of the 157 total closings, down on a percentage basis from 23 of 242 a year earlier. Following a year-over-year decline in November, closings of new and existing homes also dropped year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $371,627, compared with $479,209 last year. This followed a 36.4% fall in November from a year earlier.
The average mortgage size moved to $272,400, down from last year's $337,096. In November 2013, average mortgage size on newly sold homes saw a 11.4% drop from a year earlier.