In January, there was a fall year-over-year in new home closings in the Tulsa, OK market, swinging downward off a year-over-year surge in December 2015. There was a 16.3% decline in new home closings from a year earlier. This came after a 8.1% climb year-over-year in December.
A total of 1,373 new homes were sold during the 12 months that ended in January, down from 1,387 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 6.9%. This is down from the 7.9% of closings a year earlier. For new and existing homes, closings fell in January after also declining in December year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 6.2% decline year-over-year in January to $242,222 per unit. This decline is larger than the 3.2% fall in December from a year earlier.
In January 2016, average mortgage size on new homes went from $219,599 in January 2015 to $219,858 in January 2016. In December 2015, average mortgage size on newly sold homes saw a 5.2% drop from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 11.7% fall year-over-year in the average unit size of newly sold homes to 2,051 square feet in January 2016. A decline was also seen in December 2015 when the average size of new homes sold dropped 14.7% to 2,042 square feet. In December, the average size of new homes sold went from 2,395 square feet a year earlier to 2,042 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in January from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 38.1% of existing home closings, up from 34.2% a year earlier. The percentage of existing home closings involving foreclosures went from 22.6% in January 2015 to 22.8% in January 2016 and REO closings as a percentage of existing home closings increased to 15.2% from 11.6%.