New Home Sales Fall in Jackson According to Newest Data
Posted on: Aug 08, 2014 11:27:41 AM
Closings of new homes in the Jackson, MI market slid year-over-year in May, dropping after staying level in April. New home closings moved from 3 a year earlier to none after the figure moved from none in April 2013 to none in April 2014. Closings stood at 0 in May after being 3 a year earlier and remaining unchanged at 0 in April from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to no part from 2.0% a year earlier. Closings of new and existing homes dropped year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings fell in May from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 29.8% of closings, below 51.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.6% in May from 20.7% a year earlier while REO closings as a percentage of existing home closings sank to 18.2% from 30.7% a year earlier.
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