New home closings in the Jackson, MI market rose year-over-year in August,. Closings stood at 2 in August after being 1 a year earlier and remaining unchanged at 2 in July from a year earlier.
New home closings were 2 out of 132 total closings, making up 1.5%. This is up on a percentage basis from 1 of 300 a year earlier. For new and existing homes, closings fell in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $218,880, down from last year's $297,057. This was on the heels of a 30.3% decline in July from a year earlier.
Average mortgage size on new homes went from $131,000 a year earlier to $161,160. In July 2015, average mortgage size remained level from a year earlier at $261,165.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 19.2% of existing home closings, down from 36.8% a year earlier. The percentage of existing home closings involving foreclosures went from 8.4% in August 2014 to 8.5% in August 2015 and REO closings as a percentage of existing home closings dropped to 10.8% from 28.4% a year earlier.