Prices of New Homes Climb in Ocean City, Sales Decline According to Newest Data
Posted on: Aug 08, 2014 11:39:53 AM
Closings of new homes in the Ocean City, NJ market dropped year-over-year in April, sliding after a growth in March 2014. New home closings moved from 10 a year earlier to 8 after the figure moved from 9 in March 2013 to 12 in March 2014.
A total of 127 new homes were sold during the 12 months that ended in April, down from 129 for the year that ended in March.
New home closings were 8 out of the 281 total closings, a move on a percentage basis from 10 of 310 a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $443,015, an increase from $380,020 a year earlier. This followed a 37.0% bump in March year-over-year.
The average mortgage size on new homes was $336,925, up from $272,585. Average mortgage size on new homes went from $172,392 in March 2013 to $190,052 in March 2014.