In the Jackson, MS market in December, new home closings dropped year-over-year, and the decline was by a larger percentage than the November 2015. New home closings moved from 27 a year earlier to 8 after the figure moved from 22 in November 2014 to 13 in November 2015.
A total of 270 new homes were sold during the 12 months that ended in December, down from 289 for the year that ended in November.
New home closings represented 8 out of the 196 total closings, which is a smaller percentage than the 27 of 173 total closings a year earlier. After dropping in November from a year earlier, closings of new and existing homes rose year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $285,196, compared with $296,802 last year. This was on the heels of a 11.4% bump in November year-over-year.
The average mortgage size went down to $238,050 from $252,148 a year earlier. Average mortgage size on new homes went from $250,234 in November 2014 to $289,347 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 21.8% of existing home closings, above 17.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.9% in December from 13.0% a year earlier while REO closings as a percentage of existing home closings increased to 14.9% from 4.8%.