New home closings fell year-over-year in September in the Jackson, TN market, 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.

New home closings represented 1 out of the 197 total closings, which is a smaller percentage than the 3 of 137 total closings a year earlier. New and existing home closings climbed in September after a remaining level in August from a year earlier.

The average price of new homes was $321,000, an increase from $263,800 a year earlier. This came after a 9.9% bump 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 stayed a drag on the market. Combined, foreclosures plus REO closings made up 30.6% of existing home closings, above 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 rose to 16.8% from 10.4%.

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