Prices of New Homes Gain in Ocean City, Sales Fall According to Newest Data
Posted on: Dec 06, 2013 07:34:02 AM
In the Ocean City, NJ market, new home closings slid year-over-year in August, and the decline was by a larger percentage than the July 2013. New home closings moved from 19 a year earlier to 6 after the figure moved from 18 in July 2012 to 10 in July 2013.
A total of 160 new homes were sold during the 12 months that ended in August, down from 173 for the year that ended in July.
New home closings were 6 out of the 288 total closings, down on a percentage basis from 19 of 296 a year earlier. Following a year-over-year rise in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $611,817 from last year's $497,932. This came after a 1.8% decline in July from a year earlier.
Average mortgage size on new homes moved from $425,111 to $428,898. Average mortgage size on new homes went from $229,565 in July 2012 to $275,149 in July 2013.