Rome, GA - Recent New Home Sales Stay Level
Posted on: May 07, 2012 09:41:11 AM
The Rome, GA market saw no change in new home sales year-over-year in February, staying flat after advancing year-over-year in January from the year earlier. Sales remained level at two from a year earlier after the figure moved from one in January 2011 to four in January 2012.
A total of 18 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Two of the 108 total sales were new home sales, a shift on a percentage basis from two out of 88 a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
Advertisement
Pricing and Mortgage Trends
The average new home price in February 2012 went down to $123,500 from $204,500 last year. This was on the heels of a 36.4% hike in January year-over-year.
Average mortgage size on new homes fell from $177,982 to $111,233. Average mortgage size on new homes went from $128,653 in January 2011 to $172,466 in January 2012. For new home sales, the percentage of the sale price that was being financed rose 3.0 percentage points year-over-year to 90.1% in February 2012. This came after a 1.6 percentage point decline in January from a year earlier.
Rome, GA - Recent New Home Sales Stay Level
Posted on: May 07, 2012 09:41:11 AM
The Rome, GA market saw no change in new home sales year-over-year in February, staying flat after advancing year-over-year in January from the year earlier. Sales remained level at two from a year earlier after the figure moved from one in January 2011 to four in January 2012.
A total of 18 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Two of the 108 total sales were new home sales, a shift on a percentage basis from two out of 88 a year earlier. After dropping in January from a year earlier, sales of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price in February 2012 went down to $123,500 from $204,500 last year. This was on the heels of a 36.4% hike in January year-over-year.
Average mortgage size on new homes fell from $177,982 to $111,233. Average mortgage size on new homes went from $128,653 in January 2011 to $172,466 in January 2012. For new home sales, the percentage of the sale price that was being financed rose 3.0 percentage points year-over-year to 90.1% in February 2012. This came after a 1.6 percentage point decline in January from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales made up 67.9% of existing home sales. In February 2011, they represented 61.6%. The percentage of existing home sales involving foreclosures rose to 40.6% in February from 29.1% a year earlier while REO sales as a percentage of existing home sales fell to 27.4% from 32.6% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence