New home closings grew year-over-year in May in the Tulsa, OK market, but signs of market leveling were showing as the percentage boost was less than April 2016. There was a 4.3% hike in new home closings from a year earlier. This came on the heels of a 13.5% hike year-over-year in April.
A total of 1,411 new homes were sold during the 12 months that ended in May, up from 1,407 for the year that ended in April.
As a percentage of overall housing closings, new home closings accounted for 6.2% of overall housing closings. A year ago, 5.4% of total closings were new home closings. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
In May, the average per-unit price of new homes sank by 9.1% year-over-year to $303,893. This decline compares to a 2.5% lift in April year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year in contrast to new home prices. In May 2016, the average mortgage size on newly sold homes saw a 6.2% lift from a year earlier. Average mortgage size went from $226,755 in April 2015 to $226,082 in April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units gained from no part of closings in May 2015 to 1.0% of closings in May 2016. At the same time, the share belonging to single-family homes sank to 99.0% of closings from all of closings.
For all new homes sold, the average unit size increased 7.8% year-over-year to 2,652 square feet in May 2016. In April, the average size of new homes sold went from 2,356 square feet a year earlier to 2,447 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 18.0% of closings, below 23.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.2% in May from 10.8% a year earlier while REO closings as a percentage of existing home closings slid to 8.8% from 12.3% a year earlier.