In the Toledo, OH market in July, closings of new homes declined year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 13 a year earlier to 4 after the figure moved from 17 in June 2014 to 8 in June 2015.
A total of 120 new homes were sold during the 12 months that ended in July, down from 129 for the year that ended in June.
New home closings were 4 out of the 1,148 total closings, a move on a percentage basis from 13 of 1,119 a year earlier. For new and existing homes, closings climbed year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $247,325, compared with $272,800 last year. This was on the heels of a 23.1% rise in June year-over-year.
The average mortgage size moved to $194,330, down from last year's $238,688. Average mortgage size on new homes went from $234,029 in June 2014 to $269,382 in June 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 2,444 square feet a year earlier to 2,941 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 20.7% of existing closings, lower than 27.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.1% in July from 13.3% a year earlier while REO closings as a percentage of existing home closings fell to 12.6% from 14.4% a year earlier.