In September, the Jackson, TN market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in August. New home closings moved from 3 a year earlier to 1 after the figure moved from 49 in August 2014 to 7 in August 2015.
A total of 42 new homes were sold during the 12 months that ended in September, down from 44 for the year that ended in August.
Last year, 3 of 137 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 197 total closings. New and existing home closings increased in September after a remaining level in August from a year earlier.
The average price for newly sold homes moved north to $321,000 from $263,800 a year ago. This followed a 9.9% gain in August year-over-year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to rise in September from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings represented 30.6% of existing home closings, up from 29.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.8% in September from 18.7% a year earlier while REO closings as a percentage of existing home closings climbed to 16.8% from 10.4%.