In the Tulsa, OK market in October, new home closings jumped year-over-year, but the percentage hike was not as steep as September 2015, giving signals of market leveling out. New home closings saw a 10.7% boost from a year earlier to 124. This followed a 31.0% hike year-over-year in September.
A total of 1,311 new homes were sold during the 12 months that ended in October, up from 1,299 for the year that ended in September.
New home closings represented 9.2% of overall housing closings. This marks a rise from 7.7% of total closings a year earlier. Following a year-over-year increase in September, closings of new and existing homes fell year-over-year in October.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 3.6% year-over-year in October to $265,847 per unit. This surge is smaller than the 8.4% gain in September year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In October 2015, there was a 4.6% lift in the average mortgage size, reaching $237,016. Average mortgage size gained 10.9% in September 2015 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings rose from 98.2% of new closings in October 2014 to all of closings in October 2015. Conversely, the share of new home closings belonging to attached units dropped to no part of closings from 1.8% of closings.
There was a 2.8% rise year-over-year in the average unit size of newly sold homes to 2,368 square feet in October 2015. An increase in both the average size and price of newly sold homes was also seen in September 2015 when the average size increased 20.6% to 2,630 square feet. The average size of newly sold homes moved from 2,181 square feet in September 2014 to 2,630 square feet in September 2015.
Foreclosures and real estate owned (REO) closings continued to increase in October from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 26.7% of existing home closings, above 25.8% a year earlier. The percentage of existing home closings involving foreclosures stayed at 12.7% of closings in October from a year earlier and REO closings moved from 13.1% of existing home closings in October 2014 to 14.1% in October 2015.