The Jackson, MI market saw no change in new home closings year-over-year in June, remaining level after showing little movement in May from the year earlier. Closings stayed at 1, unchanged from a year earlier after being consistent at 1 in May from the year earlier.
1 of the 149 total closings were new home closings, a shift on a percentage basis from 1 out of 265 a year earlier. For new and existing homes, closings declined in June after also declining in May year-over-year.
The average price of new homes was $221,925, an increase from $96,000 a year earlier. This followed a 34.1% drop in May from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Combined, foreclosures plus REO closings accounted for 18.2% of existing home closings. In June 2015, they represented 18.2%. The percentage of existing home closings involving foreclosures rose to 8.8% in June from 5.7% a year earlier while REO closings as a percentage of existing home closings dropped to 9.5% from 12.5% a year earlier.