New home closings in the Oklahoma City, OK market dropped year-over-year in March, but with a percentage fall less steep than February 2016, there are suggestions the market may be stabilizing. Closings slid 51.5% from a year earlier to 166. This came on the heels of 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.
As a percentage of overall housing closings, new home closings accounted for 7.4%. This is a fall 14.6% of closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also fell year-over-year in March.
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 came after a 3.0% hike in February year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In March 2016, the average mortgage size was $226,538, up 3.5% from a year earlier. In February 2016, average mortgage size on newly sold homes saw a 6.9% surge 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.
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. 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 declined 7.9% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 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%.