In the Toledo, OH market in August, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 14 a year earlier to 2 after the figure moved from 13 in July 2014 to 4 in July 2015.
A total of 113 new homes were sold during the 12 months that ended in August, down from 125 for the year that ended in July.
Last year, 14 of 1,129 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 986 total closings. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.
The average new home price was $133,400, down from $253,645 a year earlier. This was on the heels of a 9.3% drop in July from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 24.8% of closings, below 29.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.1% in August from 13.7% a year earlier and REO closings moved from 15.3% of existing home closings in August 2014 to 15.7% in August 2015.