New home closings in the Tulsa, OK market grew year-over-year in August, on an upswing after a drop in July 2015. There was a 45.9% hike in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 9.5% drop year-over-year in July.
A total of 1,271 new homes were sold during the 12 months that ended in August, up from 1,232 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 8.2%. This is an increase on a percentage basis, as new home closings were 5.2% of total closings a year ago. Following a year-over-year increase in July, closings of new and existing homes fell year-over-year in August.
Pricing and Mortgage Trends
Average value of new homes sold in August was $256,664 per unit, down 10.3% from a year earlier. This fall is larger than the 7.9% decline in July from a year earlier.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. It slid 14.9% in August from a year earlier to $218,072. In July 2015, average mortgage size on newly sold homes saw a 6.1% decline from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings jumped from no part of all closings in August 2014 to 1.6% of closings in August 2015. Conversely, the share belonging to single-family homes slid to 98.4% of closings from all of closings.
There was a 1.4% fall year-over-year in the average unit size of newly sold homes to 2,577 square feet in August 2015. This drop was somewhat shallower than the price decline, which also happened in July 2015 when the average size of new homes sold sank 7.9% to 2,412 square feet from a year earlier. In July, the average size of new homes sold went from 2,619 square feet a year earlier to 2,412 square feet. A decrease in both the average size and price of newly sold homes was also seen in July 2015 when the average size rose 7.9% to 2,412 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 23.3% of existing home closings, down from 24.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.5% in August from 12.8% a year earlier and REO closings moved from 11.3% of existing home closings in August 2014 to 11.8% in August 2015.