In the Toledo, OH market, new home closings slid year-over-year in June, dropping after staying level in May. Closings stood at 8 in June after being 17 a year earlier and remaining unchanged at 13 in May from a year earlier.
A total of 129 new homes were sold during the 12 months that ended in June, down from 138 for the year that ended in May.
8 of the 1,108 total closings were new home closings, a shift on a percentage basis from 17 out of 1,110 a year earlier. After falling in May from a year earlier, closings of new and existing homes stayed steady in June.
Pricing and Mortgage Trends
The average price of new homes was $321,344, an increase from $261,081 a year earlier. This followed a 31.0% bump in May year-over-year.
The average mortgage size on new homes was $269,382, up from $234,029. Average mortgage size on new homes went from $214,135 in May 2014 to $247,030 in May 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 2,168 square feet a year earlier to 2,195 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 23.7% of existing closings, lower than 32.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.3% in June from 14.5% a year earlier while REO closings as a percentage of existing home closings dropped to 12.5% from 17.8% a year earlier.