In the Jackson, MS market, closings of new homes dropped year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 16 a year earlier to 8 after the figure moved from 24 in January 2015 to 8 in January 2016.
A total of 248 new homes were sold during the 12 months that ended in February, down from 256 for the year that ended in January.
New home closings were 8 out of the 141 total closings, down on a percentage basis from 16 of 141 a year earlier. After a fall in January year-over-year, new and existing home closings stayed level in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $276,509, compared with $296,315 last year. This followed a 5.8% drop in January from a year earlier.
Average mortgage size on new homes rose from $250,634 to $267,206. Average mortgage size on new homes went from $250,355 in January 2015 to $237,756 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 16.5% of existing home closings, down from 19.2% a year earlier. The percentage of existing home closings involving foreclosures went from 10.4% in February 2015 to 11.3% in February 2016 and REO closings as a percentage of existing home closings declined to 5.3% from 8.8% a year earlier.