New Home Closings and Prices in Ocean City Decline According to Latest Figures
Posted on: Mar 06, 2014 07:30:48 AM
In the Ocean City, NJ market in November, new home closings declined year-over-year, but the decline was less than the year-over-year decline in October. New home closings moved from 17 a year earlier to 16 after the figure moved from 15 in October 2012 to 8 in October 2013.
A total of 153 new homes were sold during the 12 months that ended in November, down from 154 for the year that ended in October.
As a percentage of overall housing closings, new home closings represented 7.7%. This is better than the 6.5% of closings a year earlier. Following a year-over-year rise in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
For newly sold homes, the average price declined 39.1% year-over-year in November to $336,755 per unit. This fall is a drop off from the 40.7% decline in October from a year earlier.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. It declined 16.2% in November from a year earlier to $297,585. Average mortgage size on new homes went from $314,071 in October 2012 to $285,640 in October 2013.