Closings of new homes grew year-over-year in January in the Jackson, TN market, rebounding from a year-over-year decline in December 2015. New home closings moved from 2 a year earlier to 6 after the figure moved from 5 in December 2014 to 2 in December 2015.

A total of 48 new homes were sold during the 12 months that ended in January, up from 44 for the year that ended in December.

New home closings were 6 out of 139 total closings, making up 4.3%. This is up on a percentage basis from 2 of 128 a year earlier. Closings of new and existing homes grew year-over-year in January following a drop in December year-over-year.

Pricing and Mortgage Trends

The average new home price was $304,417, up from $169,500 a year earlier. This came after a 15.6% decline in December from a year earlier.

Average mortgage size on new homes rose from $170,137 to $288,206. Average mortgage size on new homes went from $180,500 in December 2014 to $215,033 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 1,877 square feet a year earlier to 3,872 square feet.

Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 39.1% of existing home closings, below half a year earlier. The percentage of existing home closings involving foreclosures rose to 22.6% in January from 19.0% a year earlier while REO closings as a percentage of existing home closings sank to 16.5% from 31.0% a year earlier.

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