In the Oklahoma City, OK market in March, closings of new homes sank year-over-year, but compared with February 2016, the percentage fall was less steep, hinting the market may be strengthening. Closings slumped 51.5% from a year earlier to 166. In comparison, new home closings in the same month last year saw a 53.4% drop year-over-year in February.
A total of 2,983 new homes were sold during the 12 months that ended in March, down from 3,159 for the year that ended in February.
Out of all housing closings, new home closings accounted for 7.4%. This is down from the 14.6% of closings a year earlier. For new and existing homes, closings declined in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes went from $255,602 in March 2015 to $256,644 in March 2016. This was on the heels of a 3.0% lift in February year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In March 2016, there was a 3.5% rise in the average mortgage size, reaching $226,538. In February 2016, average mortgage size jumped 6.9% 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 99.4% of new home closings to all of closings while attached units have gone from 0.6% of closings to no part of closings.
The average unit size of newly sold homes went from 2,142 square feet in March 2015 to 2,137 square feet in March 2016. In February 2016, the average size of newly sold homes dropped 7.9% from the year earlier. In February, the average size of new homes sold went from 2,095 square feet a year earlier to 1,930 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 16.3% of existing closings, lower than 18.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.8% in March from 9.1% a year earlier while REO closings as a percentage of existing home closings stayed level at 9.5%.