Closings of new homes dropped year-over-year in June in the Rome, GA market, falling after a rise 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.

New home closings were 1 out of the 104 total closings, a move on a percentage basis from 3 of 181 a year earlier. For new and existing homes, closings fell in June after also declining in May year-over-year.

Pricing and Mortgage Trends

The average new home value went from $213,967 last year to $295,000. This followed a 40.9% lift in May year-over-year.

Average mortgage size on newly sold homes was $215,000, unchanged from last year's 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 drag 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 dropped 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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