Closings of new homes in the Jackson, MS market dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 28 a year earlier to 17 after the figure moved from 16 in February 2015 to 11 in February 2016.
A total of 244 new homes were sold during the 12 months that ended in March, down from 255 for the year that ended in February.
New home closings represented 8.7% of overall housing closings. This is down from the a year earlier when new home closings represented 13.9% of total closings. After rising year-over-year in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
Average price of newly sold homes had a 25.7% boost year-over-year to $378,367 per unit in March. This surge is higher than the 7.8% hike in February year-over-year.
There was a bump year-over-year in the average mortgage size on new homes along with new home prices. In March 2016, average mortgage size jumped 26.0% from a year earlier to $322,971. Average mortgage size on new homes went from $250,634 in February 2015 to $293,213 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
There was a 16.4% drop year-over-year in the average unit size of newly sold homes to 1,701 square feet in March 2016.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 15.7% of existing home closings, above 12.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.2% in March from 3.5% a year earlier and REO closings moved from 8.7% of existing home closings in March 2015 to 9.6% in March 2016.