Freshest Numbers Show Prices of New Homes Increase in Jackson, Sales Decrease
Posted on: Jul 06, 2014 07:17:08 AM
In the Jackson, TN market, new home closings sank year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 12 a year earlier to 6 after the figure moved from 5 in March 2013 to 2 in March 2014.
Last year, 12 of 184 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 180 total closings. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $262,967, up from $171,658 a year earlier. This followed a 4.4% surge in March year-over-year.
Average mortgage size on new homes rose from $190,743 to $233,100. Average mortgage size on new homes went from $150,921 in March 2013 to $155,057 in March 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 April 2014.