Closings of new homes in the Oklahoma City, OK market dropped year-over-year in March, but the decline in percentage terms was not as steep as February 2016, signaling market improvement. New home closings saw a 51.5% decline from a year earlier to 166. This followed a 53.4% decline 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.
New home closings made up 7.4% of overall housing closings. This is a fall 14.6% of closings a year earlier. Closings of new and existing homes dropped year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $255,602 in March 2015 to $256,644 in March 2016. This followed a 3.0% lift in February year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In March 2016, average mortgage size grew 3.5% from a year earlier to $226,538. In February 2016, average mortgage size on newly sold homes saw a 6.9% boost year-over-year 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.
There was a move in the average unit size of newly sold homes from 2,142 square feet in March 2015 to 2,137 square feet in March 2016. The average size of newly sold homes moved from 2,095 square feet in February 2015 to 1,930 square feet in February 2016. In February 2016, the average size of newly sold homes fell 7.9% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 16.3% of closings, below 18.6% a year earlier. The percentage of existing home closings involving foreclosures sank 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%.