In November, closings of new homes in the Tulsa, OK market increased year-over-year, but the increased on a percentage basis less sharlpy than October 2015, showing signs of market stabilization. Closings gained 15.0% from a year earlier to 115. In comparison, new home closings in the same month last year saw a 15.2% hike year-over-year in October.
A total of 1,368 new homes were sold during the 12 months that ended in November, up from 1,353 for the year that ended in October.
New home closings made up 9.8% of overall housing closings. This is a rise from 8.6% of closings a year earlier. Closings of new and existing homes climbed year-over-year in November following a drop in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 4.4% boost year-over-year in November to $252,866 per unit. This lift is better than the 2.7% surge in October year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In November 2015, there was a 3.6% lift in the average mortgage size, reaching $214,902. In October 2015, average mortgage size rose 2.6% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 16.2% surge year-over-year in the average unit size of newly sold homes to 2,537 square feet in November 2015. In October, the average size of new homes sold went from 2,304 square feet a year earlier to 2,275 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 27.5% of existing home closings, up from 26.2% a year earlier. The percentage of existing home closings involving foreclosures went from 13.7% in November 2014 to 14.3% in November 2015 and REO closings moved from 12.5% of existing home closings in November 2014 to 13.1% in November 2015.