Prices of New Homes Climb in Jackson, Sales Drop According to Newest Data
Posted on: Mar 06, 2014 07:19:40 AM
In December, the Jackson, MI market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the November 2013. New home closings moved from 8 a year earlier to 1 after the figure moved from 3 in November 2012 to 1 in November 2013.
New home closings were 3.8% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 81 total closings. Following a year-over-year decline in November, closings of new and existing homes also declined year-over-year in December.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $205,203 from $56,138 a year ago. This came after a more than threefold hike in November year-over-year.
Average mortgage size on new homes went from $46,638 a year earlier to $184,167. Average mortgage size on new homes went from $74,373 in November 2012 to $87,000 in November 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2013.