New home closings in the Jackson, MI market were unchanged year-over-year in May, showing little movement after little change in April from the year earlier. Closings were unchanged at 1 from a year earlier after remaining steady at 1 in April from the year earlier.
1 of the 118 total closings were new home closings, a shift on a percentage basis from 1 out of 207 a year earlier. For new and existing homes, closings fell in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $199,720, down from $303,175 a year earlier. This was on the heels of a 39.6% drop in April from a year earlier.
Average mortgage size on new homes fell from $233,350 to $189,734. Average mortgage size on new homes went from $248,000 in April 2015 to $125,000 in April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 17.9% of existing home closings, up from 16.5% a year earlier. The percentage of existing home closings involving foreclosures went from 6.8% in May 2015 to 7.7% in May 2016 and REO closings moved from 9.7% of existing home closings in May 2015 to 10.3% in May 2016.