“Woo hoo!” was the reaction of Greater Rome Board of Realtors President Debbie Hayes.
Hayes said 62 home sales were closed in Rome and Floyd County in July, up from 50 closed in the county in July a year ago.
A dark clouded lingering over that report is that the average sales price for homes sold last month was $116,888. That was down from the average price of $122,343 and well below the average price of all homes currently on the market in Rome and Floyd County, $164,972, according to the Georgia Multiple Listing Service.
“I think that’s indicative of the impact of foreclosures,” Hayes said. “There are a lot of first-time homebuyers and they’re taking advantage of the foreclosure pricing.”
Hayes said the impact of foreclosures is likely to remain a major factor in the housing market for at least another 18 months. “Industry analysts are projecting that the market would be a little more leveled out by 2013,” Hayes said.
It may be several years before residential home values start to appreciate to any significant degree.