Closings of new homes in the Tulsa, OK market slid year-over-year in July, a drop following an increase in June 2015. New home closings saw a 9.5% decline from a year earlier to 133. This came after a 15.6% hike year-over-year in June.
A total of 1,218 new homes were sold during the 12 months that ended in July, down from 1,232 for the year that ended in June.
Of the total number of closings, new home closings made up 7.6%. A year ago, new home closings represented 8.4%. After increasing in June from a year earlier, closings of new and existing homes remained level in July.
Pricing and Mortgage Trends
In July, there was a 7.9% fall year-over-year in the average per-unit price of newly sold homes, settling at $261,416. This drop compares to a 1.8% hike in June year-over-year.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. In July 2015, there was a 6.1% drop in the average mortgage size on new homes to $226,353. Average mortgage size increased 1.7% in June 2015 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 all of new home closings to 99.2% of closings while attached units have gone from no part of closings to 0.8% of closings.
The average unit size of newly sold homes slid 7.9% year-over-year to 2,412 square feet in July 2015. In June, the average size of new homes sold went from 2,327 square feet a year earlier to 2,335 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 21.9% of existing closings, lower than 22.7% a year earlier. The percentage of existing home closings involving foreclosures went from 11.6% in July 2014 to 11.3% in July 2015 and REO closings moved from 11.1% of existing home closings in July 2014 to 10.5% in July 2015.