Rome purchase contracts drop 37.7% in October

ROME, Ga. The October contract count in Rome points down for the months ahead. Buyers signed 38 purchase contracts, against 61 a year earlier, a 37.7% decline.

The October median sale price was $271,640, up 3.5% from a year earlier.

The median home closed at 99.1% of its final list price in October, against 98.2% over 12 months. Sales below list made up 48.9% of the total. A price cut came before 51.1% of sales, compared with 43.9% over the year.

With 286 active listings as of 1:20 p.m. ET Nov. 14, Rome had 6.1 months of supply at October's closing pace, which our published bands read as a buyer's market. On the 12-month sales pace the figure is 5.0 months, which falls in the balanced (4 to 6 months) band.

Across the trailing 12 months, 683 closings produced a median price of $265,000, up 2.7% from $258,000 in the prior 12 months.

Homes that sold in October spent a median 43.5 days on the market, slower than the 12-month median of 35 days.

Countywide, Floyd County closed 62 sales at a $271,820 median, up 7.5% from a year earlier.