New home closings in the Rome, GA market remained steady year-over-year in March, remaining relatively stable after moving north year-over-year in February from the year earlier. Closings remained level at none from a year earlier after the figure moved from none in February 2015 to 1 in February 2016. New home closings moved from none a year earlier to none after the figure moved from none in February 2015 to 1 in February 2016.

Following a fall in February year-over-year, closings of new and existing homes increased year-over-year in March.

Other Market Trends

Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 31.8% of existing home closings, below 34.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.1% in March from 10.6% a year earlier while REO closings as a percentage of existing home closings sank to 18.7% from 24.0% a year earlier.

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