In the Tulsa, OK market, closings of new homes climbed year-over-year in October, but the increased on a percentage basis less sharlpy than September 2015, showing signs of market stabilization. New home closings saw a 10.7% jump from a year earlier to 124. This was after the housing market saw a 31.0% jump year-over-year in September.
A total of 1,311 new homes were sold during the 12 months that ended in October, up from 1,299 for the year that ended in September.
Out of all housing closings, new home closings represented 9.2%. This is an increase on a percentage basis, as new home closings were 7.7% of total closings a year ago. Following a year-over-year rise in September, closings of new and existing homes fell year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 3.6% in October to $265,847 per unit. This surge is smaller than the 8.4% gain in September year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. The average mortgage size rose to $237,016 in October, marking a 4.6% gain compared with a year earlier. In September 2015, average mortgage size gained 10.9% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings increased from 98.2% of new closings in October 2014 to all of closings in October 2015. At the same time, the share of new home closings belonging to attached units slid to no part of closings from 1.8% of closings.
There was a 2.8% surge year-over-year in the average unit size of newly sold homes to 2,368 square feet in October 2015. An increase was also seen in September 2015 when the average size of new homes sold gained 20.6% to 2,630 square feet. In September, the average size of new homes sold went from 2,181 square feet a year earlier to 2,630 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in October from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings made up 26.7% of existing home closings, up from 25.8% a year earlier. The percentage of existing home closings involving foreclosures stayed at 12.7% of closings in October from a year earlier and REO closings moved from 13.1% of existing home closings in October 2014 to 14.1% in October 2015.