New home closings in the Jackson, MI market were unchanged year-over-year in July, remaining relatively stable after moving north year-over-year in June from the year earlier. New home closings moved from 2 a year earlier to 2 after the figure moved from none in June 2014 to 1 in June 2015. Closings remained level at 2 from a year earlier after the figure moved from none in June 2014 to 1 in June 2015.
New home closings were 2 out of the 152 total closings, a move on a percentage basis from 2 of 298 a year earlier. For new and existing homes, closings dropped in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $201,328, compared with $289,019 last year. This followed a shift to an average price of $96,000 in June 2015 after there were no closings in June 2014.
For new homes sold, average mortgage size was $261,426, unchanged from the year-earlier average.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 28.7% of existing home closings, down from 32.4% a year earlier. The percentage of existing home closings involving foreclosures went from 13.5% in July 2014 to 12.7% in July 2015 and REO closings as a percentage of existing home closings sank to 16.0% from 18.9% a year earlier.