In August, there was a decline year-over-year in new home closings in the Toledo, OH market, and the decline was by a larger percentage than the July 2015. New home closings moved from 14 a year earlier to 2 after the figure moved from 13 in July 2014 to 4 in July 2015.
A total of 113 new homes were sold during the 12 months that ended in August, down from 125 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 0.2% from 1.2% a year earlier. Following a year-over-year rise in July, closings of new and existing homes declined year-over-year in August.
The average per-unit price of new homes was $133,400, compared with $253,645 last year. This was on the heels of a 9.3% decline in July from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 24.8% of existing home closings, below 29.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.1% in August from 13.7% a year earlier and REO closings moved from 15.3% of existing home closings in August 2014 to 15.7% in August 2015.