In June, there was an increase in closings of new homes in the Tulsa, OK market year-over-year, rebounding from a year-over-year decline in May 2015. New home closings saw a jump of 13.8% from the year earlier to 124. This was after the housing market saw a 24.8% drop year-over-year in May.
A total of 1,221 new homes were sold during the 12 months that ended in June, up from 1,206 for the year that ended in May.
As a percentage of overall housing closings, new home closings accounted for 6.1% of overall housing closings. A year ago, 6.5% of total closings were new home closings. After staying stable in May from a year earlier, closings of new and existing homes jumped in June.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $252,715 in June, up 2.6% from last year. This hike is smaller than the 34.4% gain in May year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. It rose 2.6% in June from a year earlier to $217,623. Average mortgage size gained 13.5% in May 2015 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 99.1% of new home closings to all of closings while attached units have gone from 0.9% of closings to no part of closings.
There was a 1.2% rise year-over-year in the average unit size of newly sold homes to 2,354 square feet in June 2015. The average size of newly sold homes moved from 2,307 square feet in May 2014 to 2,518 square feet in May 2015. An increase in both the average size and price of newly sold homes was also seen in May 2015 when the average size rose 9.1% to 2,518 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in June from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 38.5% of existing home closings, up from 27.6% a year earlier. The percentage of existing home closings involving foreclosures went from 13.0% in June 2014 to 12.6% in June 2015 and REO closings as a percentage of existing home closings grew to 25.9% from 14.5%.