New Home Sales and Prices Decrease in Jackson According to Freshest Data
Posted on: Dec 06, 2013 07:22:31 AM
In the Jackson, MS market in September, closings of new homes fell year-over-year, but the fall in percentage terms was an improvement from August 2013, suggesting that the market may be stabilizing. New home closings saw a 15.8% fall from a year earlier to 16. This followed a 41.9% decline year-over-year in August.
A total of 265 new homes were sold during the 12 months that ended in September, down from 268 for the year that ended in August.
New home closings accounted for 10.3% of overall housing closings. This is down from the 12.3% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
The average per-unit value of new homes fell year-over-year to $251,992 in September, a decline of 11.8% from a year earlier. This fall compares to a 12.3% bump in August year-over-year.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. In September 2013, there was a 15.3% drop in the average mortgage size on new homes to $219,834. In August 2013, average mortgage size on newly sold homes saw a 13.0% lift year-over-year from a year earlier.