Ocean City, NJ - Newest New Home Sales Numbers Give Hints Market Decline is Slowing
Posted on: May 07, 2012 09:32:34 AM
In the Ocean City, NJ market, sales of new homes slid year-over-year in January, but the decline was less than the year-over-year decline in December. New home sales moved from eight a year earlier to five after the figure moved from 21 in December 2010 to 12 in December 2011.
A total of 196 new homes were sold during the 12 months that ended in January, down from 199 for the year that ended in December.
New home sales were five of the 141 total sales, down on a percentage basis from eight of 149 a year earlier. Sales of new and existing homes dipped year-over-year in January after also falling in December year-over-year.
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Pricing and Mortgage Trends
The average price for newly sold homes moved north to $563,800 from $534,596 a year ago. This came after a 33.1% boost in December year-over-year.
Average mortgage size on new homes rose from $262,250 to $323,333. Average mortgage size on new homes went from $340,144 in December 2010 to $386,872 in December 2011. For new home sales, the percentage of the sale price that was being financed increased 8.3 percentage points year-over-year to 57.3% in January 2012. This came after an 11.6 percentage point drop in December from a year earlier.
Ocean City, NJ - Newest New Home Sales Numbers Give Hints Market Decline is Slowing
Posted on: May 07, 2012 09:32:34 AM
In the Ocean City, NJ market, sales of new homes slid year-over-year in January, but the decline was less than the year-over-year decline in December. New home sales moved from eight a year earlier to five after the figure moved from 21 in December 2010 to 12 in December 2011.
A total of 196 new homes were sold during the 12 months that ended in January, down from 199 for the year that ended in December.
New home sales were five of the 141 total sales, down on a percentage basis from eight of 149 a year earlier. Sales of new and existing homes dipped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $563,800 from $534,596 a year ago. This came after a 33.1% boost in December year-over-year.
Average mortgage size on new homes rose from $262,250 to $323,333. Average mortgage size on new homes went from $340,144 in December 2010 to $386,872 in December 2011. For new home sales, the percentage of the sale price that was being financed increased 8.3 percentage points year-over-year to 57.3% in January 2012. This came after an 11.6 percentage point drop in December from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up four of five new home sales after accounting for four of eight a year earlier. Meanwhile, single-family homes made up one of five new home sales after making up four of eight a year earlier.
Foreclosures and real estate owned (REO) sales staying steady in January from a year earlier and did not appear to be dragging the market. Foreclosures and REO sales, taken together, represented 7.4% of existing sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures rose to 5.9% in January from 0.7% a year earlier while REO sales as a percentage of existing home sales declined to 1.5% from 6.4% a year earlier.
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Source: Housing Intelligence