Closings of new homes in the Jackson, MI market remained steady year-over-year in December, staying level after a year-over-year decline in November from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 1 in November 2014 to none in November 2015.
Out of the 116 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. After new and existing closings increased in November year-over-year, they stayed level in December.
Pricing and Mortgage Trends
The average new home price was $212,411, down from $256,958 a year earlier. This followed a.
The average mortgage size moved to $208,563, down from last year's $226,958.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to increase in December from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 42.6% of existing home closings, up from 38.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 22.6% in December from 19.1% a year earlier and REO closings moved from 19.1% of existing home closings in December 2014 to 20.0% in December 2015.