In the Jackson, MS market, closings of new homes fell year-over-year in August, a decline following a rise in July 2015. New home closings moved from 16 a year earlier to 6 after the figure moved from 12 in July 2014 to 14 in July 2015.
A total of 121 new homes were sold during the 12 months that ended in August, down from 131 for the year that ended in July.
New home closings were 6 out of the 202 total closings, down on a percentage basis from 16 of 184 a year earlier. Closings of new and existing homes increased year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $203,696, down from last year's $330,810. This was on the heels of a 18.8% decline in July from a year earlier.
Average mortgage size on new homes fell from $273,754 to $176,078. Average mortgage size on new homes went from $311,036 in July 2014 to $270,384 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
The average unit size of newly sold homes fell from 3,129 square feet a year earlier to 2,561 square feet.
Foreclosures and real estate owned (REO) closings increased in August from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 13.8% of existing home closings, above 13.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.7% in August from 9.5% a year earlier while REO closings as a percentage of existing home closings climbed to 6.1% from 3.6%.