Closings of new homes in the Toledo, OH market declined year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 19 a year earlier to 2 after the figure moved from 15 in April 2015 to 2 in April 2016.
A total of 87 new homes were sold during the 12 months that ended in May, down from 104 for the year that ended in April.
Last year, 19 of 1,024 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 1,055 total closings. Following a year-over-year increase in April, closings of new and existing homes also climbed year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $144,700, compared with $293,410 last year. This followed a 50.8% drop in April from a year earlier.
Average mortgage size on new homes fell from $259,119 to $115,760. Average mortgage size on new homes went from $210,632 in April 2015 to $105,153 in April 2016.
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 fell from 2,352 square feet a year earlier to 1,364 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 20.8% of closings, below 26.1% a year earlier. The percentage of existing home closings involving foreclosures went from 11.4% in May 2015 to 12.1% in May 2016 and REO closings as a percentage of existing home closings declined to 8.7% from 14.6% a year earlier.