Closings of new homes declined year-over-year in July in the Rome, GA market, but the decline was less than the year-over-year decline in June. New home closings moved from 3 a year earlier to 2 after the figure moved from 3 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 3 of 154 a year earlier. For new and existing homes, closings declined in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $133,950, down from last year's $328,133. This came after a 37.9% bump in June year-over-year.
Average mortgage size on new homes fell from $286,455 to $153,900. In June 2016, average mortgage size remained level from a year earlier at $214,816.
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 fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 13.1% of existing closings, lower than 28.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.4% in July from 14.6% a year earlier while REO closings as a percentage of existing home closings fell to 7.7% from 13.9% a year earlier.