In October, there was a fall year-over-year in new home closings in the Oklahoma City, OK market, and the percentage drop, which was steeper than September 2015, gave suggestions of weakening market conditions. New home closings saw a drop of 44.9% from the year earlier to 178. This was after the housing market saw a 31.6% fall year-over-year in September.
A total of 3,229 new homes were sold during the 12 months that ended in October, down from 3,374 for the year that ended in September.
New home closings made up 8.4% of overall housing closings. This is a decline 12.9% of closings a year earlier. After rising year-over-year in September, closings of new and existing homes dropped year-over-year in October.
Pricing and Mortgage Trends
The average per-unit value of new homes sank year-over-year to $255,800 in October, a drop of 1.7% from a year earlier. This decline compares to a 5.0% boost in September year-over-year.
There was a hike year-over-year in the average mortgage size on new homes in contrast to new home prices. It gained 4.8% in October from a year earlier to $230,678. Average mortgage size jumped 9.9% in September 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes grew from 96.3% in October 2014 to 99.4% of closings in October 2015. At the same time, the share of new home closings belonging to attached units declined to 0.6% of closings from 3.7% of closings.
There was a 2.6% fall year-over-year in the average unit size of newly sold homes to 2,054 square feet in October 2015. The average size of newly sold homes moved from 2,209 square feet in September 2014 to 2,001 square feet in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 17.5% of existing home closings, below 18.1% a year earlier. The percentage of existing home closings involving foreclosures went from 9.1% in October 2014 to 8.4% in October 2015 and REO closings moved from 9.0% of existing home closings in October 2014 to 9.1% in October 2015.