Prices of New Homes Climb in Oklahoma City, Sales Fall According to Latest Data
Posted on: Jul 06, 2014 07:26:59 AM
In the Oklahoma City, OK market, new home closings dropped year-over-year in March, but the percentage fall was less than that of February 2014, hinting that the market may be strengthening. New home closings saw a 8.2% drop from a year earlier to 334. This came on the heels of a 13.0% decline year-over-year in February.
A total of 3,953 new homes were sold during the 12 months that ended in March, down from 3,983 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 15.7% of overall housing closings. They made up 15.0% of closings a year earlier. For new and existing homes, closings sank in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 4.8% in March to $244,085 per unit. This lift is higher than the 4.1% boost in February year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. In March 2014, there was a 3.2% surge in the average mortgage size, reaching $211,009. In February 2014, average mortgage size increased 4.4% from a year earlier.