New Home Prices Increase in Oklahoma City According to Newest Figures, Sales Drop
Posted on: Sep 11, 2014 07:25:32 AM
New home closings in the Oklahoma City, OK market fell year-over-year in May, but with a percentage drop less steep than April 2014, there are suggestions the market may be stabilizing. There was a 14.0% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 24.8% decline year-over-year in April.
A total of 3,356 new homes were sold during the 12 months that ended in May, down from 3,404 for the year that ended in April.
New home closings represented 10.7% of overall housing closings. This is a fall 13.2% of closings a year earlier. Following a drop in April year-over-year, closings of new and existing homes jumped year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 7.5% in May to $254,245 per unit. This surge is smaller than the 8.7% bump in April year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It jumped to $215,239 in May, a 6.2% bump. Average mortgage size jumped 4.3% in April 2014 from a year earlier.