New home closings in the Oklahoma City, OK market slid year-over-year in November, and the percentage decline was steeper than October 2015, suggesting the market may be worsening. New home closings saw a 32.5% decline from a year earlier to 162. This followed a 25.7% decline year-over-year in October.
A total of 3,510 new homes were sold during the 12 months that ended in November, down from 3,588 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 8.6%. This is a drop 12.4% of closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also dropped year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $248,992 per unit in November, up 1.4%from a year earlier. This boost follows a move from $260,231 per unit in October 2014 to $258,731 in October 2015.
Average mortgage size on new homes jumped year-over-year along with new home prices. It climbed 4.1% in November from a year earlier to $220,743. In October 2015, average mortgage size on newly sold homes saw a 5.1% lift year-over-year 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 November 2015. Single-family home closings have made up 98.8% of new home closings while attached unit closings have accounted for 1.2% of closings.
There was a 13.3% decline year-over-year in the average unit size of newly sold homes to 1,807 square feet in November 2015. The average size of newly sold homes moved from 2,109 square feet in October 2014 to 2,076 square feet in October 2015.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 23.4% of existing home closings, above 20.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.9% in November from 10.9% a year earlier and REO closings moved from 9.3% of existing home closings in November 2014 to 8.5% in November 2015.