Closings of new homes grew year-over-year in February in the Jackson, TN market, but the increase was less than January 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 2 in January 2015 to 6 in January 2016.

A total of 49 new homes were sold during the 12 months that ended in February, up from 48 for the year that ended in January.

2 of the 165 total closings were new home closings, a shift on a percentage basis from 1 out of 130 a year earlier. Closings of new and existing homes jumped year-over-year in February after also rising in January year-over-year.

Pricing and Mortgage Trends

The average new home value went from $139,900 last year to $194,305. This was on the heels of a 79.6% lift in January year-over-year.

Average mortgage size on new homes increased to $174,158 from $137,365 last year. Average mortgage size on new homes went from $170,137 in January 2015 to $288,206 in January 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 February 2016.

Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 30.7% of existing home closings, below 34.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.5% in February from 19.4% a year earlier while REO closings as a percentage of existing home closings increased to 17.2% from 14.7%.

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