New home closings slid year-over-year in June in the Toledo, OH market, and the decline was by a larger percentage than the May 2016. New home closings moved from 15 a year earlier to none after the figure moved from 19 in May 2015 to 2 in May 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.3% a year earlier. Closings of new and existing homes grew year-over-year in June after also rising in May year-over-year.
Other Market Trends
There were no new home closings in June 2016, but average size of newly sold homes was 2,103 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.5% of existing closings, lower than 23.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.0% in June from 10.5% a year earlier while REO closings as a percentage of existing home closings dropped to 6.5% from 12.9% a year earlier.