In December, there was a drop year-over-year in new home closings in the Toledo, OH market, but the decline was less than the year-over-year decline in November. New home closings moved from 13 a year earlier to 2 after the figure moved from 8 in November 2014 to 1 in November 2015.
A total of 63 new homes were sold during the 12 months that ended in December, down from 74 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 0.3% from 1.5% a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $132,500, compared with $211,997 last year. This was on the heels of a 80.5% fall in November from a year earlier.
There was a decline in average mortgage size on new homes, going from $193,341 last year to $72,352 in December 2015. Average mortgage size on new homes went from $189,716 in November 2014 to $47,130 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes rose from 1,472 square feet a year earlier to 1,653 square feet.
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 34.4% of existing home closings, down from 35.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.3% in December from 18.4% a year earlier while REO closings as a percentage of existing home closings gained to 21.0% from 16.8%.