There was an increase in new home closings in the Rome, GA market in May year-over-year,. Closings stood at 3 in May after being 1 a year earlier and remaining unchanged at 1 in April from a year earlier.
New home closings were 3 out of 126 total closings, making up 2.4%. This is up on a percentage basis from 1 of 151 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes was $239,333, an increase from $169,900 a year earlier. This came after a move from $357,000 per unit to $357,700 from April 2015 to April 2016.
The average mortgage size on new homes was $244,879, up from $152,893. Average mortgage size on new homes went from $339,150 in April 2015 to $314,650 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 13.8% of existing home closings, below 32.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.9% in May from 13.3% a year earlier while REO closings as a percentage of existing home closings dropped to 8.9% from 18.7% a year earlier.