The Jackson, MS market saw a rise in new home closings in July year-over-year, but the increase was less than June 2015. New home closings moved from 12 a year earlier to 14 after the figure moved from 11 in June 2014 to 18 in June 2015.
A total of 131 new homes were sold during the 12 months that ended in July, up from 129 for the year that ended in June.
New home closings were 14 out of the 240 total closings, a move on a percentage basis from 12 of 211 a year earlier. For new and existing homes, closings increased year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $308,320, down from last year's $379,848. This was on the heels of a 2.9% decline in June from a year earlier.
Average mortgage size on new homes fell from $311,036 to $270,384. Average mortgage size on new homes went from $277,885 in June 2014 to $261,719 in June 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 July 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 9.7% of closings, below 10.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.9% in July from 3.5% a year earlier while REO closings as a percentage of existing home closings fell to 4.9% from 6.5% a year earlier.