In the Toledo, OH market, new home closings fell year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 7 a year earlier to 4 after the figure moved from 5 in January 2015 to 1 in January 2016.
A total of 128 new homes were sold during the 12 months that ended in February, down from 131 for the year that ended in January.
New home closings were 4 out of the 660 total closings, a move on a percentage basis from 7 of 667 a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $275,650, an increase from $139,571 a year earlier. This came after a 13.6% decline in January from a year earlier.
From the year-ago figure of $161,001, the average mortgage size on new homes moved up to $253,233. Average mortgage size on new homes went from $273,699 in January 2015 to $256,400 in January 2016.
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 fell from 1,628 square feet a year earlier to 1,572 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 40.5% of existing closings, lower than 41.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 26.1% in February from 19.5% a year earlier while REO closings as a percentage of existing home closings dropped to 14.5% from 22.1% a year earlier.