New home closings in the Toledo, OH market declined year-over-year in March, 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 1.6% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 812 total closings. 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 was on the heels of a 97.5% lift 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 decreased in March from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 25.3% of closings, below 34.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.2% in March from 15.0% a year earlier while REO closings as a percentage of existing home closings dropped to 12.1% from 19.3% a year earlier.