New home closings in the Jackson, TN market jumped year-over-year in November, rebounding from a year-over-year decline in October 2015. New home closings moved from 1 a year earlier to 6 after the figure moved from 5 in October 2014 to 4 in October 2015.
A total of 46 new homes were sold during the 12 months that ended in November, up from 41 for the year that ended in October.
New home closings were 6 of the 181 total closings, up on a percentage basis from 1 of 131 a year earlier. Following a year-over-year increase in October, closings of new and existing homes also increased year-over-year in November.
Pricing and Mortgage Trends
The average new home value went from $162,000 last year to $184,067. This was on the heels of a 43.3% gain in October year-over-year.
Average mortgage size on new homes rose from $75,000 to $173,775. Average mortgage size on new homes went from $189,362 in October 2014 to $253,986 in October 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 November 2015.
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 46.3% of existing home closings, up from 24.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 21.7% in November from 13.8% a year earlier while REO closings as a percentage of existing home closings increased to 24.6% from 10.8%.