In April, closings of new homes climbed year-over-year in the Tulsa, OK market, and there were signs that the market may be improving as the percentage surge was better than March 2016. New home closings saw a hike of 13.5% from the year earlier to 118. In comparison, new home closings in the same month last year saw a 13.2% boost year-over-year in March.
A total of 1,406 new homes were sold during the 12 months that ended in April, up from 1,392 for the year that ended in March.
Out of all housing closings, new home closings made up 8.1%. This is a hike from 6.5% of closings a year earlier. After remaining steady in March from a year earlier, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year in April to $257,309 per unit, a rise of 2.5%. This lift is smaller than the 4.0% bump in March year-over-year.
Average mortgage size on new homes went from $226,755 in April 2015 to $226,082 in April 2016. In March 2016, average mortgage size jumped 6.2% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 99.0% of new home closings to all of closings while attached units have gone from 1.0% of closings to no part of closings.
There was a 28.6% surge year-over-year in the average unit size of newly sold homes to 3,072 square feet in April 2016. An increase in both the average size and price of newly sold homes was also seen in March 2016 when the average size increased 9.5% to 2,375 square feet. The average size of newly sold homes moved from 2,168 square feet in March 2015 to 2,375 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 21.1% of existing home closings, below 29.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.6% in April from 15.4% a year earlier while REO closings as a percentage of existing home closings sank to 10.6% from 13.9% a year earlier.