Newest Numbers Show New Home Sales Drop in Jackson
Posted on: Apr 06, 2014 07:19:37 AM
In January, the Jackson, MI market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the December 2013. New home closings moved from 1 a year earlier to none after the figure moved from 8 in December 2012 to 1 in December 2013.
New home closings were none out of the 88 total closings, a move on a percentage basis from 1 of 206 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in January from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings represented 69.3% of existing home closings, above 64.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 23.9% in January from 33.7% a year earlier while REO closings as a percentage of existing home closings increased to 45.5% from 31.2%.
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