In December, there was an increase in closings of new homes in the Tulsa, OK market year-over-year, but the percentage lift was less than November 2015, suggesting the market may be leveling. Closings rose 8.1% from a year earlier to 133. This came after a 15.0% boost year-over-year in November.
A total of 1,387 new homes were sold during the 12 months that ended in December, up from 1,377 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 9.4% of overall housing closings. A year ago, new home closings represented 8.8%. For new and existing homes, closings grew year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 3.2% fall year-over-year in the average per-unit price of newly sold homes, settling at $251,139. This decline compares to a 4.4% bump in November year-over-year.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. It dropped to $216,933 in December, a 5.2% decline. In November 2015, average mortgage size rose 3.6% 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 99.2% of new home closings to all of closings while attached units have gone from 0.8% of closings to no part of closings.
For all new homes sold, the average unit size sank 14.7% year-over-year to 2,042 square feet in December 2015. The average size of newly sold homes moved from 2,183 square feet in November 2014 to 2,392 square feet in November 2015.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 27.3% of existing closings, lower than 30.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 11.6% in December from 16.3% a year earlier while REO closings as a percentage of existing home closings increased to 15.7% from 14.2%.