In the Tulsa, OK market, closings of new homes slid year-over-year in June, drawing a downward slope off of a rise in May 2016. Closings sank 23.6% from a year earlier to 94. This was after the housing market saw a 7.5% jump year-over-year in May.
A total of 1,385 new homes were sold during the 12 months that ended in June, down from 1,414 for the year that ended in May.
Of the total number of closings, new home closings made up 5.0%. As a part of the whole, new home closings were 5.9% a year earlier. Following a year-over-year decline in May, closings of new and existing homes also declined year-over-year in June.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $259,887 in June 2015 to $258,074 in June 2016. This came after a 10.5% drop in May from a year earlier.
There was a gain year-over-year in the average mortgage size on new homes in contrast to new home prices. In June 2016, the average mortgage size was $229,890, up 1.8% from a year earlier. In May 2016, average mortgage size on newly sold homes saw a 4.6% gain year-over-year from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units jumped from no part of closings in June 2015 to 1.1% of closings in June 2016. At the same time, the share belonging to single-family homes slid to 98.9% of closings from all of closings.
There was a 6.3% rise year-over-year in the average unit size of newly sold homes to 2,417 square feet in June 2016. The average size of newly sold homes moved from 2,460 square feet in May 2015 to 2,652 square feet in May 2016.
Foreclosures and real estate owned (REO) closings declined in June from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 25.7% of existing home closings, down from 38.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.8% in June from 13.5% a year earlier while REO closings as a percentage of existing home closings fell to 18.9% from 25.3% a year earlier.