In the Toledo, OH market in March, closings of new homes sank year-over-year, and the decline was by a larger percentage than the February 2012. New home closings moved from 27 a year earlier to 11 after the figure moved from 18 in February 2011 to nine in February 2012.
A total of 198 new homes were sold during the 12 months that ended in March, down from 214 for the year that ended in February.
New home closings were 11 of the 980 total closings, down on a percentage basis from 27 of 1,203 a year earlier. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $215,652, an increase from $186,386 a year earlier. This came after a 70.4% gain in February year-over-year.
The average mortgage size on new homes was $141,035, up from $138,337. Average mortgage size on new homes went from $172,916 in February 2011 to $158,470 in February 2012.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached closings made up one of 11 new home closings after accounting for one of 27 a year earlier. Meanwhile, single-family homes made up 10 of 11 new home closings after making up 26 of 27 a year earlier.
The average unit size of newly sold homes fell from 1,794 square feet a year earlier to 1,451 square feet.
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 53.3% of closings. They made up 61.3% in March 2011. The percentage of existing home closings involving foreclosures slipped to 25.5% in March from 31.4% a year earlier while REO closings as a percentage of existing home closings fell to 27.8% from 29.9% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Toledo, OH area.
Learn more about markets featured in this article: Toledo, OH.