In the Oklahoma City, OK market in January, closings of new homes declined year-over-year, but there were signs the market may be stabilizing with a percentage fall less steep as in December 2015. There was a 37.2% fall in new home closings from a year earlier. This was after the housing market saw a 38.2% drop year-over-year in December.
A total of 3,313 new homes were sold during the 12 months that ended in January, down from 3,390 for the year that ended in December.
New home closings represented 8.1% of overall housing closings. This is a decline 12.0% of closings a year earlier. Closings of new and existing homes sank year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in January was $258,938 per unit, down 3.0% from a year earlier. This fall compares to a 7.8% surge in December year-over-year.
Average mortgage size on new homes went from $230,744 in January 2015 to $231,248 in January 2016. In December 2015, average mortgage size jumped 5.8% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 99.0% of new home closings to 99.2% of closings while attached units have gone from 1.0% of closings to 0.8% of closings.
For all new homes sold, the average unit size rose 5.0% year-over-year to 2,369 square feet in January 2016. The average size of newly sold homes moved from 2,088 square feet in December 2014 to 2,410 square feet in December 2015.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 25.7% of existing closings, lower than 26.0% a year earlier. The percentage of existing home closings involving foreclosures went from 17.2% in January 2015 to 16.2% in January 2016 and REO closings moved from 8.7% of existing home closings in January 2015 to 9.5% in January 2016.