New home closings in the Jackson, MS market slid year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 21 a year earlier to 6 after the figure moved from 28 in March 2015 to 17 in March 2016.
A total of 229 new homes were sold during the 12 months that ended in April, down from 244 for the year that ended in March.
New home closings were 6 out of the 200 total closings, down on a percentage basis from 21 of 165 a year earlier. After remaining steady in March from a year earlier, closings of new and existing homes grew in April.
Pricing and Mortgage Trends
The average price of new homes rose to $358,248 from last year's $306,865. This was on the heels of a 25.7% surge in March year-over-year.
Average mortgage size on new homes increased to $293,705 from $260,389 last year. In March 2016, average mortgage size on newly sold homes saw a 26.0% rise year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.5% of existing home closings, up from 13.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.7% in April from 4.9% a year earlier while REO closings as a percentage of existing home closings gained to 10.8% from 8.3%.