Newest Figures Show New Home Prices Increase, Sales Drop in Jackson
Posted on: Aug 08, 2014 11:27:50 AM
New home closings dropped year-over-year in May in the Jackson, MS market, and the decline was by a larger percentage than the April 2014. New home closings moved from 14 a year earlier to 2 after the figure moved from 7 in April 2013 to 3 in April 2014.
A total of 65 new homes were sold during the 12 months that ended in May, down from 77 for the year that ended in April.
New home closings were 7.8% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 154 total closings. For new and existing homes, closings fell in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $391,939, an increase from $353,534 a year earlier. This was on the heels of a 22.7% decline in April from a year earlier.
The average mortgage size on new homes was $313,551, up from $282,827. Average mortgage size on new homes went from $290,819 in April 2013 to $231,494 in April 2014.