Closings of new homes in the Rome, GA market remained unchanged year-over-year in January, showing little movement after little change in December from the year earlier. Closings stayed at 1, unchanged from a year earlier after being consistent at 2 in December from the year earlier.
New home closings were 1 out of the 78 total closings, a move on a percentage basis from 1 of 98 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $173,900, an increase from $169,100 a year earlier. This was on the heels of a 35.9% drop in December from a year earlier.
The average mortgage size on new homes was $170,749, up from $165,938. Average mortgage size on new homes went from $202,753 in December 2014 to $156,562 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 39.0% of closings, below 44.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 24.7% in January from 21.6% a year earlier while REO closings as a percentage of existing home closings slid to 14.3% from 22.7% a year earlier.