The Jackson, MS market saw a drop in new home closings year-over-year in November, 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.
On a percentage basis, new home closings as a part of total closings decreased to 5.3% from 10.2% a year earlier. After rising year-over-year in October, closings of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $297,623, down from last year's $301,630. This was on the heels of a 26.6% decline 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 appear to be dragging the market. Together, foreclosures plus REO closings made up 17.6% of existing home closings, up from 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%.