New home closings climbed year-over-year in August in the Tulsa, OK market, an upward turn from a fall in July 2015. Closings climbed 45.9% from a year earlier to 124. This followed a 9.5% decline year-over-year in July.
A total of 1,271 new homes were sold during the 12 months that ended in August, up from 1,232 for the year that ended in July.
Of 1,512 total closings, 124 were of new homes. This is a surge from 5.2% of closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
In August, the average price of newly sold homes fell 10.3% year-over-year to $256,664 per unit. This drop is larger than the 7.9% decline in July from a year earlier.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. In August 2015, average mortgage size on new homes sold was $218,072, down 14.9% from a year earlier. In July 2015, average mortgage size declined 6.1% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings increased from no part of all closings in August 2014 to 1.6% of closings in August 2015. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 98.4% of closings from all of closings.
The average unit size of newly sold homes declined 1.4% year-over-year to 2,577 square feet in August 2015. The decline in size was less sharp than the drop in average price of newly sold homes, making the movement similar to July 2015 when the average size saw a 7.9% dropped to 2,412 square feet from a year earlier. A fall was also seen in July 2015 when the average size of new homes sold slid 7.9% to 2,412 square feet. In July, the average size of new homes sold went from 2,619 square feet a year earlier to 2,412 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 23.3% of existing home closings, down from 24.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.5% in August from 12.8% a year earlier and REO closings moved from 11.3% of existing home closings in August 2014 to 11.8% in August 2015.