New home closings fell year-over-year in April in the Oklahoma City, OK market, and the percentage fall was more severe than March 2016, indicating the market may be worsening. New home closings saw a fall of 53.8% from the year earlier to 148. In comparison, new home closings in the same month last year saw a 51.5% decline year-over-year in March.
A total of 2,811 new homes were sold during the 12 months that ended in April, down from 2,983 for the year that ended in March.
Out of all housing closings, new home closings accounted for 6.6%. This is a fall 12.5% of closings a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.8% decline year-over-year to $242,539 per unit in April. This drop follows a move from $255,602 per unit to $256,644 from March 2015 to March 2016.
In April 2016, average mortgage size on new homes went from $225,289 in April 2015 to $223,460 in April 2016. Average mortgage size increased 3.5% in March 2016 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 declined 1.1% year-over-year to 2,089 square feet in April 2016. The average size of newly sold homes moved from 2,142 square feet in March 2015 to 2,137 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. Out of all existing home closings, foreclosures combined with REO closings made up 17.5% of closings, below 20.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.7% in April from 10.4% a year earlier and REO closings moved from 10.4% of existing home closings in April 2015 to 9.8% in April 2016.