In the Atlantic City, NJ market, new home sales slipped year-over-year in September, sliding down after a boost in August 2011. There was a 3.2% decline in new home sales in 30 from a year earlier. This was after the housing market saw a 10.5% boost year-over-year in August.

In the 12 months ending September 2011, there were 225 new home sales, down from an annualized 226 in August.

As a percentage of overall housing sales, new home sales made up 11.6% of overall housing sales. As a part of the whole, new home sales were 11.8% a year earlier. Following a year-over-year decline in August, sales of new and existing homes also dipped year-over-year in September.

The average price of new homes grew year-over-year in September to $353,509 per unit, a rise of 25.1%. This lift is better than the 5.4% rise in August year-over-year.

For newly sold homes, the average mortgage size increased year-over-year along with new home prices. Average mortgage size jumped 12.1% to $251,386 in September from a year earlier. In August 2011, average mortgage size on newly sold homes saw a 3.4% decline from a year earlier. Of the overall sale price, the percentage that was being financed declined 8.2 percentage points year-over-year to 71.1% in September 2011.

As a share of new home sales, single-family home sales have climbed from last while the share belonging to attached units has fallen. Single-family home sales rose from 83.9% of new sales in September 2010 to 86.7% of sales in September 2011. At the same time, the share of new home sales belonging to attached units sank to 13.3% of sales from 16.1% of sales.

The average unit size of newly sold homes declined 30.4% year-over-year to 1,562 square feet in September 2011. For newly sold homes, an average size decline contrasting with an average price gain was also seen in August 2011 when average size of newly sold homes slipped 5.4% to 2,082 square feet.

Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in September and did not appear to be dragging the market. Combined, foreclosures plus REO sales accounted for 8.8% of existing home sales, below 30.3% of sales a year earlier. From a year earlier, foreclosures fell to 3.5% of existing home sales in September after a figure of 16.0% of sales in September 2010 while REO sales dipped to 5.3% of existing sales from 14.3% of sales a year earlier.

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