Closings of new homes in the Oklahoma City, OK market slid year-over-year in April, and the market seemed to be weakening with a percentage fall steeper than in March 2016. Closings sank 53.8% from a year earlier to 148. In comparison, new home closings in the same month last year saw a 51.5% drop year-over-year in March.
A total of 2,811 new homes were sold during the 12 months that ended in April, down from 2,983 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 6.6%. This is a drop 12.5% of closings a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in April was $242,539 per unit, down 5.8% from a year earlier. This decline follows a move from $255,602 per unit in March 2015 to $256,644 in March 2016.
In April 2016, average mortgage size on new homes went from $225,289 in April 2015 to $223,460 in April 2016. Average mortgage size rose 3.5% in March 2016 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 99.4% of new home closings to all of closings while attached units have gone from 0.6% of closings to no part of closings.
The average unit size of newly sold homes slid 1.1% year-over-year to 2,089 square feet in April 2016. The average size of newly sold homes moved from 2,142 square feet in March 2015 to 2,137 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 17.5% of existing home closings, below 20.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.7% in April from 10.4% a year earlier and REO closings moved from 10.4% of existing home closings in April 2015 to 9.8% in April 2016.