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New Home Sales and Prices Both Rise in Oklahoma City According to Newest Data

Posted on: May 06, 2013 07:27:04 AM

In the Oklahoma City, OK market in January, new home closings increased year-over-year, but the percentage edged up less than December 2012, suggesting the market may be leveling out. New home closings saw a 5.8% rise from a year earlier to 218. This came on the heels of an 18.7% climb year-over-year in December.

A total of 3,338 new homes were sold during the 12 months that ended in January, up from 3,326 for the year that ended in December.

Out of all housing closings, new home closings accounted for 15.1%. This is an increase on a percentage basis, as new home closings were 13.2% of total closings a year ago. Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.

Pricing and Mortgage Trends

The average per-unit price of newly sold homes rose year-over-year to $237,443 in January, up 6.9% from last year. This rise is better than the 2.6% rise in December year-over-year.

There was a rise year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size increased 4.8% to $204,825 in January from a year earlier. In December 2012, average mortgage size rose 3.2% from a year earlier. On average, the percentage of new home sale price that was being financed slipped 1.7 percentage points from a year earlier. It went from 88.8% in December 2011 to 89.3% in December 2012.

Other Market Trends

There was no change in the composition of the new-home market with regard to the types of properties sold in January 2013. Single-family home closings have represented all of new home closings while attached unit closings have accounted for no part of closings.

The average unit size of newly sold homes declined 16.9% year-over-year to 1,784 square feet in January 2013. For newly sold homes, an average size fall contrasting with an average price rise was also seen in December 2012 when the average size of newly sold homes fell 14.3% to 1,804 square feet.

Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 26.8% of existing closings, lower than 37.0% a year earlier. The percentage of existing home closings involving foreclosures dipped to 13.7% in January from 18.6% a year earlier while REO closings as a percentage of existing home closings fell to 13.1% from 18.5% a year earlier.

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