In the Jackson, MS market in January, new home closings dropped year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 24 a year earlier to 8 after the figure moved from 27 in December 2014 to 10 in December 2015.
A total of 256 new homes were sold during the 12 months that ended in January, down from 272 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 5.9% from 17.3% a year earlier. Following a year-over-year increase in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $276,781, down from last year's $293,765. This followed a 7.8% bump in December year-over-year.
There was a decline in average mortgage size on new homes, going from $250,355 last year to $237,756 in January 2016. Average mortgage size on new homes went from $252,148 in December 2014 to $267,702 in December 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 January 2016.
The average unit size of newly sold homes rose from 2,195 square feet a year earlier to 2,478 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 22.8% of closings, below 23.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.5% in January from 13.0% a year earlier while REO closings as a percentage of existing home closings declined to 6.3% from 10.4% a year earlier.