Freshest Numbers Indicate New Home Closings Gain, Prices Steady in Jackson
Posted on: Mar 06, 2014 07:19:49 AM
In December, closings of new homes grew year-over-year in the Jackson, MS market, but the increase was less than November 2013. New home closings moved from 17 a year earlier to 22 after the figure moved from 14 in November 2012 to 23 in November 2013.
A total of 291 new homes were sold during the 12 months that ended in December, up from 286 for the year that ended in November.
Out of all housing closings, new home closings accounted for 14.1%. They represented 13.2% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes remained steady year-over-year in December at $241,954 per unit. This comes after a 8.4% fall in November from a year earlier.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In December 2013, average mortgage size grew 3.5% from a year earlier to $207,694. Average mortgage size on new homes went from $244,658 in November 2012 to $240,689 in November 2013.