In November, the Toledo, OH market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 10 a year earlier to 3 after the figure moved from 16 in October 2014 to 8 in October 2015.
A total of 97 new homes were sold during the 12 months that ended in November, down from 104 for the year that ended in October.
New home closings were 3 out of the 638 total closings, a move on a percentage basis from 10 of 848 a year earlier. For new and existing homes, closings fell in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $158,950, down from $243,590 a year earlier. This came after a 39.7% gain in October year-over-year.
The average mortgage size went down to $151,768 from $190,976 a year earlier. Average mortgage size on new homes went from $198,680 in October 2014 to $138,703 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes fell from 1,118 square feet a year earlier to 960 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 31.7% of existing home closings, down from 37.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.2% in November from 20.3% a year earlier while REO closings as a percentage of existing home closings slid to 15.4% from 16.8% a year earlier.