From: BUILDER 11 November 2011
Posted on: February 6, 2012
Jackson, MS Dashboard Reports

Jackson, MS - Freshest New Home Sales Increase Year-Over-Year in November After Falling Year-Over-Year in October

By:: Market Intelligence Analytics

The Jackson, MS market saw a rise in new home sales in November year-over-year, shifting up after a decline in October 2011. New home sales increased by 8.0% in November 2011 from a year earlier, after sales saw a 44.4% decline in October from the year earlier.

A total of 315 new homes were sold during the 12 months that ended in November, up from 313 for the year that ended in October.

New home sales accounted for 31.8% of overall housing sales. This is a lift from 21.2% of sales a year earlier. For new and existing homes, sales fell in November after also declining in October year-over-year.

Pricing and Mortgage Trends

In November, the average per-unit price of new homes dropped by 15.8% year-over-year to $255,781. This is a downward shift from a 3.8% rise in October year-over-year.

Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. In November 2011, the average mortgage size on newly sold homes saw a 24.9% decline from a year earlier. In October 2011, average mortgage size on newly sold homes saw a 14.2% hike year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed slipped 9.6 percentage points year-over-year to 79.4% in November 2011. In October 2011, there was a 7.9 percentage point rise from a year earlier.

Other Market Trends

There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. Single-family home sales have represented all of new home sales while attached unit sales have accounted for no part of sales.

Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales represented 25.9% of existing home sales. They accounted for 22.6% in November 2010. The percentage of existing home sales involving foreclosures dipped to 5.2% in November from 8.6% a year earlier while REO sales as a percentage of existing home sales rose to 20.7% from 14.0%.

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Subject: Local Markets, Economic Conditions, Home Prices
Location: Jackson, MS

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John McManus

Standard Pacific Strides Into the Black in Q1

Builder Pulse

John McManus is an award-winning editorial director for the Residential Construction Group at Hanley Wood in Washington, D.C. In addition to the BUILDER digital, print, and in-person editorial and programming portfolio, the group includes strategic content direction for AFFORDABLE HOUSING FINANCE, APARTMENT FINANCE TODAY, CUSTOM HOME, EcoHome, MULTIFAMILY EXECUTIVE, and residential architect.

Standard Pacific released first-quarter earnings post market close last night that beat Wall Street analysts' posted predictions. After a near brush with death in 2008, and life-support from MatlinPatterson's real estate funds, Standard Pacific's strategic, operational, and tactical planning and execution are playing well in what continues to be an adverse market environment in most of its competitive arenas.