New home closings in the Jackson, MS market sank year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 29 a year earlier to 8 after the figure moved from 42 in May 2015 to 9 in May 2016.
A total of 178 new homes were sold during the 12 months that ended in June, down from 199 for the year that ended in May.
New home closings were 11.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 8 of the 235 total closings. Following a year-over-year decline in May, closings of new and existing homes also sank year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $361,822, an increase from $352,923 a year earlier. This followed a 26.6% gain in May year-over-year.
From the year-ago figure of $292,026, the average mortgage size on new homes moved up to $309,982. Average mortgage size on new homes went from $272,817 in May 2015 to $363,720 in May 2016.
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.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 16.3% of existing home closings, above 8.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.9% in June from 4.7% a year earlier while REO closings as a percentage of existing home closings grew to 8.4% from 4.2%.