In the Tulsa, OK market, closings of new homes grew year-over-year in February, picking up from a decline in January 2016. There was a 2.1% rise in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 15.1% drop year-over-year in January.
A total of 1,377 new homes were sold during the 12 months that ended in February, up from 1,375 for the year that ended in January.
Out of all housing closings, new home closings made up 7.8%. As a part of the whole, new home closings were 8.4% a year earlier. Closings of new and existing homes climbed year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $269,886 in February, up 10.2% from last year. This surge compares to a 6.7% fall in January from a year earlier.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $234,541 in February, marking a 9.1% rise compared with a year earlier. Average mortgage size went from $219,599 in January 2015 to $218,646 in January 2016.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 98.9% of new closings in February 2015 to all of closings in February 2016. At the same time, the share of new home closings belonging to attached units fell to no part of closings from 1.1% of closings.
For all new homes sold, the average unit size gained 2.8% year-over-year to 2,385 square feet in February 2016. The average size of newly sold homes moved from 2,323 square feet in January 2015 to 2,051 square feet in January 2016.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 27.6% of existing home closings, below 31.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.0% in February from 16.6% a year earlier while REO closings as a percentage of existing home closings stayed level at 14.6%.