In July, there was a decline year-over-year in new home closings in the Jackson, MI market, declining after staying relatively stable in June from the year earlier. Closings stood at 1 in July after being 3 a year earlier and remaining unchanged at 1 in June from a year earlier.
1 of the 151 total closings were new home closings, a shift on a percentage basis from 3 out of 284 a year earlier. For new and existing homes, closings dropped in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $240,611 from last year's $207,425. This followed a more than twofold gain in June year-over-year.
There was a decline in average mortgage size on new homes, going from $238,534 last year to $222,300 in July 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 17.3% of closings, below 20.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.0% in July from 7.8% a year earlier while REO closings as a percentage of existing home closings fell to 5.3% from 12.5% a year earlier.