In April, there was an increase in closings of new homes in the Tulsa, OK market year-over-year, and the percentage rise was an improvement from March 2016, suggesting the market may be gaining momentum. Closings rose 13.5% from a year earlier to 118. In comparison, new home closings in the same month last year saw a 13.2% hike year-over-year in March.
A total of 1,406 new homes were sold during the 12 months that ended in April, up from 1,392 for the year that ended in March.
Out of all housing closings, new home closings represented 8.1%. This is better than the 6.5% of closings a year earlier. After remaining steady in March from a year earlier, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $257,309 in April, up 2.5% from last year. This surge is smaller than the 4.0% boost in March year-over-year.
For newly sold homes, average mortgage size moved from $226,755 in April 2015 to $226,082 in April 2016. In March 2016, average mortgage size on newly sold homes saw a 6.2% gain year-over-year from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 99.0% of new home closings to all of closings while attached units have gone from 1.0% of closings to no part of closings.
There was a 28.6% hike year-over-year in the average unit size of newly sold homes to 3,072 square feet in April 2016. The average size of newly sold homes moved from 2,168 square feet in March 2015 to 2,375 square feet in March 2016. An increase was also seen in March 2016 when the average size of new homes sold gained 9.5% to 2,375 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 21.1% of existing home closings, below 29.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.6% in April from 15.4% a year earlier while REO closings as a percentage of existing home closings sank to 10.6% from 13.9% a year earlier.