New home closings in the Oklahoma City, OK market fell year-over-year in August, and the percentage fall, which was steeper than July 2015, gave signals that the market may be worsening. Closings fell 20.1% from a year earlier to 230. This came on the heels of a 15.0% fall year-over-year in July.
A total of 3,470 new homes were sold during the 12 months that ended in August, down from 3,528 for the year that ended in July.
Out of all housing closings, new home closings represented 8.9%. This is down from the 12.1% of closings a year earlier. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 6.5% rise year-over-year to $264,511 per unit in August. This boost is smaller than the 6.9% bump in July year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. It rose 3.3% in August from a year earlier to $226,329. In July 2015, average mortgage size on newly sold homes saw a 10.1% boost year-over-year 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 jumped from 97.9% of new closings in August 2014 to 99.1% of closings in August 2015. Conversely, the share of new home closings belonging to attached units dropped to 0.9% of closings from 2.1% of closings.
There was a move in the average unit size of newly sold homes from 2,138 square feet in August 2014 to 2,147 square feet in August 2015. In July 2015, the average size of newly sold homes rose 9.0% from the year earlier. In July, the average size of new homes sold went from 2,103 square feet a year earlier to 2,293 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.9% of closings, below 18.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.3% in August from 9.4% a year earlier and REO closings moved from 8.9% of existing home closings in August 2014 to 8.6% in August 2015.