The Dalton, GA market saw an increase in closings of new homes in July year-over-year,. New home closings moved from 1 a year earlier to 2 after the figure moved from none in June 2015 to 1 in June 2016.
New home closings were 2 out of the 132 total closings, a move on a percentage basis from 1 of 143 a year earlier. After rising year-over-year in June, closings of new and existing homes slid year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $135,750 from last year's $118,400. This followed a set of periods with no new home closings in both June 2016 or June 2015.
Average mortgage size on new homes rose from $116,255 to $125,849.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 20.0% of existing home closings, down from 35.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.4% in July from 17.6% a year earlier while REO closings as a percentage of existing home closings slid to 14.6% from 18.3% a year earlier.