New Home Closings Increase in Jackson According to Newest Data
Posted on: May 06, 2013 07:17:02 AM
The Jackson, MI market saw an increase in closings of new homes in February year-over-year, rebounding from a year-over-year decline in January 2013. New home closings moved from none a year earlier to one after the figure moved from four in January 2012 to one in January 2013.
A total of 19 new homes were sold during the 12 months that ended in February, up from 18 for the year that ended in January.
Closings of new and existing homes slid year-over-year in February after also falling in January year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings made up 73.2% of existing home closings. In February 2012, they represented 65.2%. The percentage of existing home closings involving foreclosures rose to 32.9% in February from 16.5% a year earlier while REO closings as a percentage of existing home closings dipped to 40.2% from 48.8% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Jackson, MI area.