In the Toledo, OH market in April, new home closings slid year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 15 a year earlier to 2 after the figure moved from 13 in March 2015 to 1 in March 2016.
A total of 103 new homes were sold during the 12 months that ended in April, down from 116 for the year that ended in March.
New home closings represented 2 out of the 833 total closings, which is a smaller percentage than the 15 of 835 total closings a year earlier. Closings of new and existing homes remained steady in April after rising in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $121,500, down from last year's $246,749. This came after a 65.4% drop in March from a year earlier.
Average mortgage size on new homes fell from $210,632 to $105,153.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 2,167 square feet a year earlier to 1,402 square feet.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 27.7% of existing home closings, down from 31.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.0% in April from 13.2% a year earlier while REO closings as a percentage of existing home closings sank to 12.6% from 18.7% a year earlier.