In the Toledo, OH market, new home closings dropped year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 4 a year earlier to 1 after the figure moved from 13 in December 2014 to 2 in December 2015.
A total of 60 new homes were sold during the 12 months that ended in January, down from 63 for the year that ended in December.
New home closings were 1 out of the 597 total closings, a move on a percentage basis from 4 of 750 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $270,000, down from $292,650 a year earlier. This followed a 37.5% decline in December from a year earlier.
The average mortgage size went down to $256,400 from $269,124 a year earlier. Average mortgage size on new homes went from $193,341 in December 2014 to $72,352 in December 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 January 2016.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 34.2% of existing home closings, below 43.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 19.3% in January from 25.7% a year earlier while REO closings as a percentage of existing home closings dropped to 14.9% from 18.1% a year earlier.