New home closings dropped year-over-year in June in the Rome, GA market, dropping after a year-over-year increase in May 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from 1 in May 2015 to 3 in May 2016.

1 of the 104 total closings were new home closings, a shift on a percentage basis from 3 out of 181 a year earlier. Following a year-over-year decline in May, closings of new and existing homes also slid year-over-year in June.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $295,000 from $213,967 a year ago. This was on the heels of a 40.9% bump in May year-over-year.

For new homes sold, average mortgage size was $215,000, unchanged from the year-earlier average. Average mortgage size on new homes went from $152,893 in May 2015 to $244,879 in May 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 June 2016.

Foreclosures and real estate owned (REO) closings continued to increase in June from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings made up 30.1% of existing home closings, above 25.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.7% in June from 15.2% a year earlier while REO closings as a percentage of existing home closings increased to 18.4% from 10.1%.

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