New home closings slid year-over-year in March in the Toledo, OH market, and the decline was by a larger percentage than the February 2016. New home closings moved from 13 a year earlier to 1 after the figure moved from 7 in February 2015 to 4 in February 2016.
A total of 116 new homes were sold during the 12 months that ended in March, down from 128 for the year that ended in February.
New home closings were 1 out of the 812 total closings, down on a percentage basis from 13 of 800 a year earlier. New and existing home closings grew in March after a remaining level in February from a year earlier.
The average per-unit price of new homes was $88,500, compared with $255,517 last year. This followed a 97.5% boost in February year-over-year.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,287 square feet a year earlier to 1,282 square feet.
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 25.3% of existing home closings, down from 34.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.2% in March from 15.0% a year earlier while REO closings as a percentage of existing home closings sank to 12.1% from 19.3% a year earlier.