In the Jackson, MS market, new home closings sank year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 10 a year earlier to 5 after the figure moved from 16 in August 2014 to 6 in August 2015.
A total of 119 new homes were sold during the 12 months that ended in September, down from 124 for the year that ended in August.
New home closings were 5 out of the 142 total closings, down on a percentage basis from 10 of 173 a year earlier. Following a year-over-year increase in August, closings of new and existing homes dropped year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes rose to $291,989 from last year's $279,680. This was on the heels of a 38.4% decline in August from a year earlier.
Average mortgage size on new homes increased to $252,550 from $248,062 last year. Average mortgage size on new homes went from $273,754 in August 2014 to $176,078 in August 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 September 2015.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 12.4% of existing home closings, up from 8.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.1% in September from 6.1% a year earlier while REO closings as a percentage of existing home closings rose to 7.3% from 2.5%.