New home closings in the Dalton, GA market remained steady year-over-year in May, staying level after a year-over-year decline in April from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 1 in April 2015 to none in April 2016.
New home closings were 1 out of the 117 total closings, a move on a percentage basis from 1 of 142 a year earlier. For new and existing homes, closings fell in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $116,900 last year to $126,500. This was on the heels of a.
Average mortgage size on new homes went from $114,782 a year earlier to $128,676.
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 decline from a year earlier in May, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 16.4% of existing home closings, below 29.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.3% in May from 12.8% a year earlier while REO closings as a percentage of existing home closings slid to 12.1% from 16.3% a year earlier.