In the Toledo, OH market in October, closings of new homes sank year-over-year, and the decline was by a larger percentage than the September 2015. New home closings moved from 16 a year earlier to 7 after the figure moved from 6 in September 2014 to 4 in September 2015.
A total of 102 new homes were sold during the 12 months that ended in October, down from 111 for the year that ended in September.
New home closings were 7 out of the 939 total closings, a move on a percentage basis from 16 of 1,068 a year earlier. For new and existing homes, closings fell in October after also declining in September year-over-year.
Pricing and Mortgage Trends
The average new home price was $298,693, up from $211,288 a year earlier. This was on the heels of a 10.7% decline in September from a year earlier.
Average mortgage size on new homes fell from $198,680 to $138,703. Average mortgage size on new homes went from $241,799 in September 2014 to $226,523 in September 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,627 square feet a year earlier to 1,791 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.8% of existing home closings, down from 33.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.2% in October from 15.8% a year earlier while REO closings as a percentage of existing home closings declined to 15.7% from 17.4% a year earlier.