In the Jackson, TN market in April, closings of new homes dropped year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 5 a year earlier to 3 after the figure moved from 3 in March 2015 to 1 in March 2016.
A total of 45 new homes were sold during the 12 months that ended in April, down from 47 for the year that ended in March.
New home closings represented 3 out of the 161 total closings, which is a smaller percentage than the 5 of 163 total closings a year earlier. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $252,140 last year to $374,467. This came after a 28.6% drop in March from a year earlier.
Average mortgage size on new homes went from $226,041 a year earlier to $316,053. Average mortgage size on new homes went from $225,613 in March 2015 to $151,920 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 23.4% of existing closings, lower than 27.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.7% in April from 15.2% a year earlier while REO closings as a percentage of existing home closings sank to 10.8% from 12.0% a year earlier.