Recent Figures Show New Home Sales and Prices Fall in Jackson
Posted on: Aug 08, 2014 11:28:00 AM
In May, the Jackson, TN market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in April. New home closings moved from 5 a year earlier to 3 after the figure moved from 12 in April 2013 to 6 in April 2014.
3 of the 179 total closings were new home closings, a shift on a percentage basis from 5 out of 197 a year earlier. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $148,567, compared with $192,116 last year. This was on the heels of a 53.2% bump in April year-over-year.
The average mortgage size went down to $139,333 from $172,826 a year earlier. Average mortgage size on new homes went from $190,743 in April 2013 to $233,100 in April 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.