Prices of New Homes Rise in Oklahoma City, Sales Decrease According to Newest Data
Posted on: Mar 06, 2014 07:31:20 AM
In November, the Oklahoma City, OK market saw a decline year-over-year in new home closings, swinging downward off a year-over-year rise in October 2013. Closings slid 5.2% from a year earlier to 311. In comparison, new home closings in the same month last year saw a 23.4% boost year-over-year in October.
A total of 4,012 new homes were sold during the 12 months that ended in November, down from 4,029 for the year that ended in October.
New home closings represented 15.1% of overall housing closings. This is better than the 13.9% of closings a year earlier. Following a year-over-year increase in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 8.1% year-over-year in November to $256,137 per unit. This rise is better than the 6.5% surge in October year-over-year.
Average mortgage size on new homes increased year-over-year along with new home prices. In November 2013, the average mortgage size on newly sold homes saw a 5.1% lift from a year earlier. In October 2013, average mortgage size on newly sold homes saw a 5.9% boost year-over-year from a year earlier.