New Home Prices Rise in Jackson According to Newest Figures, Sales Fall
Posted on: May 06, 2013 07:17:18 AM
New home closings fell year-over-year in February in the Jackson, TN market, but the decline was less than the year-over-year decline in January. New home closings moved from six a year earlier to two after the figure moved from seven in January 2012 to two in January 2013.
A total of 62 new homes were sold during the 12 months that ended in February, down from 66 for the year that ended in January.
New home closings represented two out of the 123 total closings, which is a smaller percentage than the six of 157 total closings a year earlier. After rising year-over-year in January, closings of new and existing homes slid year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $261,725 from $213,456 a year ago. This came after a 21.3% gain in January year-over-year.
From the year-ago figure of $199,626, the average mortgage size on new homes moved up to $274,760. Average mortgage size on new homes went from $164,945 in January 2012 to $142,900 in January 2013.