In June, there was a drop year-over-year in new home closings in the Oklahoma City, OK market, but the percentage fall was not as steep as May 2015, suggesting that the market may be stabilizing. New home closings saw a fall of 17.6% from the year earlier to 328. This was after the housing market saw a 23.9% drop year-over-year in May.
A total of 3,384 new homes were sold during the 12 months that ended in June, down from 3,454 for the year that ended in May.
New home closings made up 10.8% of overall housing closings. This is down from the 13.7% of closings a year earlier. After dropping in May from a year earlier, closings of new and existing homes gained year-over-year in June.
Pricing and Mortgage Trends
In June, the average value of new homes saw a 3.6% hike year-over-year as it grew to $266,478 per unit. This gain compares to a period of relatively little movement in May from a year earlier.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. It jumped 4.8% in June from a year earlier to $225,427. In May 2015, average mortgage size on newly sold homes saw a 1.3% hike year-over-year 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 99.0% of new home closings to 99.4% of closings while attached units have gone from 1.0% of closings to 0.6% of closings.
The average unit size of newly sold homes sank 1.1% year-over-year to 2,142 square feet in June 2015. The average size of newly sold homes moved from 2,145 square feet in May 2014 to 2,027 square feet in May 2015.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 20.8% of existing home closings, higher than 18.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.2% in June from 10.0% a year earlier while REO closings as a percentage of existing home closings climbed to 13.6% from 8.4%.