New Home Prices Gain, Sales Decrease in Oklahoma City - August 2014
Posted on: Aug 09, 2014 07:01:55 AM
In April, the Oklahoma City, OK market saw a fall year-over-year in new home closings, but there were hints of market improvement with a percentage fall less steep than in March 2014. Closings dropped 24.8% from a year earlier to 261. In comparison, new home closings in the same month last year saw a 29.8% decline year-over-year in March.
A total of 3,399 new homes were sold during the 12 months that ended in April, down from 3,485 for the year that ended in March.
New home closings represented 10.9% of overall housing closings. This is down from the 13.5% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in April to $235,233 per unit, a rise of 8.6%. This lift is better than the 6.6% rise in March year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In April 2014, there was a 4.3% lift in the average mortgage size, reaching $202,796. In March 2014, average mortgage size gained 3.4% from a year earlier.