New Home Closings and Prices in Ocean City Drop According to Recent Figures
Posted on: Jul 06, 2014 07:26:35 AM
Closings of new homes in the Ocean City, NJ market declined year-over-year in March, a decline following a rise in February 2014. New home closings moved from 16 a year earlier to 13 after the figure moved from 10 in February 2013 to 13 in February 2014.
A total of 150 new homes were sold during the 12 months that ended in March, down from 153 for the year that ended in February.
13 of the 239 total closings were new home closings, a shift on a percentage basis from 16 out of 269 a year earlier. Following a year-over-year increase in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2014 was $311,466, down from last year's $337,040. This followed a 11.8% drop in February from a year earlier.
Average mortgage size on new homes fell from $220,113 to $195,047. Average mortgage size on new homes went from $386,827 in February 2013 to $216,728 in February 2014.