The Jackson, MI market saw no change in new home closings year-over-year in May, staying stable after little movement in April. Closings stayed at 1, unchanged from a year earlier after being consistent at 1 in April from the year earlier.

New home closings were 1 out of the 118 total closings, a move on a percentage basis from 1 of 207 a year earlier. For new and existing homes, closings fell in May after also declining in April year-over-year.

Pricing and Mortgage Trends

The average new home price was $199,720, down from $303,175 a year earlier. This followed a 39.6% fall in April from a year earlier.

The average mortgage size went down to $189,734 from $233,350 a year earlier. Average mortgage size on new homes went from $248,000 in April 2015 to $125,000 in April 2016.

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 increased in May from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 17.9% of existing home closings, above 16.5% a year earlier. The percentage of existing home closings involving foreclosures went from 6.8% in May 2015 to 7.7% in May 2016 and REO closings moved from 9.7% of existing home closings in May 2015 to 10.3% in May 2016.

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