Closings of new homes fell year-over-year in July in the Jackson, TN market, dropping after a year-over-year increase in June 2016. New home closings moved from 7 a year earlier to 2 after the figure moved from 4 in June 2015 to 8 in June 2016.

A total of 57 new homes were sold during the 12 months that ended in July, down from 62 for the year that ended in June.

New home closings were 4.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 223 total closings. Following a year-over-year increase in June, closings of new and existing homes also climbed year-over-year in July.

Pricing and Mortgage Trends

The average new home price was $211,950, down from $266,086 a year earlier. This came after a 60.2% bump in June year-over-year.

Average mortgage size on newly sold homes saw a decline year-over-year from $260,943 to $197,634. Average mortgage size on new homes went from $144,624 in June 2015 to $191,933 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 2,642 square feet a year earlier to 2,489 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 21.3% of existing home closings, below 23.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.7% in July from 12.2% a year earlier while REO closings as a percentage of existing home closings jumped to 13.6% from 11.6%.

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