In the Jackson, MS market in November, new home closings sank year-over-year, but the decline was less than the year-over-year decline in October. New home closings moved from 13 a year earlier to 6 after the figure moved from 13 in October 2014 to 4 in October 2015.
A total of 117 new homes were sold during the 12 months that ended in November, down from 124 for the year that ended in October.
New home closings represented 6 out of the 114 total closings, which is a smaller percentage than the 13 of 127 total closings a year earlier. After rising year-over-year in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
The average per-unit price of new homes was $297,623, compared with $301,630 last year. This came after a 26.6% drop in October from a year earlier.
Average mortgage size on new homes moved from $256,711 to $257,004. Average mortgage size on new homes went from $363,590 in October 2014 to $238,331 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes fell from 3,457 square feet a year earlier to 1,428 square feet.
Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 17.6% of existing home closings, higher than 10.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.3% in November from 6.1% a year earlier while REO closings as a percentage of existing home closings climbed to 8.3% from 4.4%.