In July, the Jackson, MS market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in June. New home closings moved from 32 a year earlier to 10 after the figure moved from 29 in June 2015 to 8 in June 2016.
A total of 156 new homes were sold during the 12 months that ended in July, down from 178 for the year that ended in June.
New home closings were 10 out of the 198 total closings, down on a percentage basis from 32 of 267 a year earlier. Closings of new and existing homes slid year-over-year in July after remaning steady in June year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $434,257 from $303,681 a year ago. This followed a 2.5% bump in June year-over-year.
Average mortgage size on new homes increased to $361,739 from $259,639 last year. Average mortgage size on new homes went from $292,026 in June 2015 to $309,982 in June 2016.
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 2016.
The average unit size of newly sold homes fell from 3,221 square feet a year earlier to 2,093 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 10.6% of existing home closings, up from 9.4% a year earlier. The percentage of existing home closings involving foreclosures went from 4.7% in July 2015 to 4.8% in July 2016 and REO closings as a percentage of existing home closings jumped to 5.9% from 4.7%.