New home closings sank year-over-year in July in the Oklahoma City, OK market, but the percentage drop, which was less than that of June 2015, gave signals that the market may be leveling out. Closings slumped 15.0% from a year earlier to 288. This followed a 17.3% decline year-over-year in June.
A total of 3,377 new homes were sold during the 12 months that ended in July, down from 3,428 for the year that ended in June.
Out of all housing closings, new home closings made up 10.1%. This is down from the 12.3% of closings a year earlier. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $263,153 per unit in July, up 6.9%from a year earlier. This hike is higher than the 3.5% gain in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It climbed 10.1% in July from a year earlier to $232,422. In June 2015, average mortgage size jumped 4.7% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings grew from 98.8% of new closings in July 2014 to all of closings in July 2015. Conversely, the share of new home closings belonging to attached units declined to no part of closings from 1.2% of closings.
The average unit size of newly sold homes rose 9.0% year-over-year to 2,293 square feet in July 2015. In June, the average size of new homes sold went from 2,165 square feet a year earlier to 2,142 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 16.1% of closings, below 17.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.0% in July from 8.7% a year earlier and REO closings moved from 8.5% of existing home closings in July 2014 to 9.2% in July 2015.