In the Tulsa, OK market, closings of new homes gained year-over-year in March, and the percentage surge was sharper than February 2016, hinting that the market may be strengthening. New home closings saw a 13.2% rise from a year earlier to 120. This came on the heels of a 2.1% jump year-over-year in February.
A total of 1,391 new homes were sold during the 12 months that ended in March, up from 1,377 for the year that ended in February.
As a percentage of overall housing closings, new home closings made up 8.0%. This is a gain from 7.0% of closings a year earlier. Following a year-over-year increase in February, closings of new and existing homes sank year-over-year in March.
Pricing and Mortgage Trends
In March, the average price of newly sold homes grew 4.0% year-over-year to $253,362 per unit. This bump is smaller than the 10.2% rise in February year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In March 2016, average mortgage size grew 6.2% from a year earlier to $228,620. Average mortgage size increased 9.1% in February 2016 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.
There was a 9.5% gain year-over-year in the average unit size of newly sold homes to 2,375 square feet in March 2016. The average size of newly sold homes moved from 2,319 square feet in February 2015 to 2,385 square feet in February 2016. An increase was also seen in February 2016 when the average size of new homes sold grew 2.8% to 2,385 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 22.1% of existing closings, lower than 25.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.4% in March from 11.4% a year earlier while REO closings as a percentage of existing home closings declined to 11.7% from 14.5% a year earlier.