Newest Figures Show New Home Prices Increase, Sales Fall in Toledo
Posted on: May 06, 2013 07:36:51 AM
Closings of new homes dropped year-over-year in January in the Toledo, OH market, but the decline was less than the year-over-year decline in December. New home closings moved from eight a year earlier to seven after the figure moved from 18 in December 2011 to 11 in December 2012.
A total of 129 new homes were sold during the 12 months that ended in January, down from 130 for the year that ended in December.
Seven of the 723 total closings were new home closings, a shift on a percentage basis from eight out of 699 a year earlier. Closings of new and existing homes rose year-over-year in January following a fall in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $203,766, an increase from $186,969 a year earlier. This followed a 14.2% lift in December year-over-year.
The average mortgage size on new homes was $239,849, up from $174,225. Average mortgage size on new homes went from $161,796 in December 2011 to $226,337 in December 2012.
Newest Figures Show New Home Prices Increase, Sales Fall in Toledo
Posted on: May 06, 2013 07:36:51 AM
Closings of new homes dropped year-over-year in January in the Toledo, OH market, but the decline was less than the year-over-year decline in December. New home closings moved from eight a year earlier to seven after the figure moved from 18 in December 2011 to 11 in December 2012.
A total of 129 new homes were sold during the 12 months that ended in January, down from 130 for the year that ended in December.
Seven of the 723 total closings were new home closings, a shift on a percentage basis from eight out of 699 a year earlier. Closings of new and existing homes rose year-over-year in January following a fall in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $203,766, an increase from $186,969 a year earlier. This followed a 14.2% lift in December year-over-year.
The average mortgage size on new homes was $239,849, up from $174,225. Average mortgage size on new homes went from $161,796 in December 2011 to $226,337 in December 2012.
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 2013. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes fell from 1,776 square feet a year earlier to 1,427 square feet.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 43.2% of closings, below 63.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 24.4% in January from 35.2% a year earlier while REO closings as a percentage of existing home closings declined to 18.7% from 28.1% a year earlier.
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Source: Housing Intelligence