Closings of new homes in the Jackson, MI market saw no change year-over-year in March, staying flat after dropping year-over-year in February from the year earlier. Closings remained level at none from a year earlier after the figure moved from 1 in February 2015 to none in February 2016. New home closings moved from none a year earlier to none after the figure moved from 1 in February 2015 to none in February 2016.
For new and existing homes, closings declined in March after also declining in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 30.0% of existing home closings, higher than 27.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.7% in March from 8.7% a year earlier while REO closings as a percentage of existing home closings dropped to 17.3% from 18.5% a year earlier.