Oklahoma City, OK - Latest Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: May 07, 2012 09:33:14 AM
Sales of new homes slid year-over-year in January in the Oklahoma City, OK market, but compared with December 2011, the percentage fall was less harsh, suggesting that the market may be evening out. New home sales saw a 10.9% fall from a year earlier to 196 after sales slumped 15.7% in December from the year earlier.
A total of 2,926 new homes were sold during the 12 months that ended in January, down from 2,950 for the year that ended in December.
Compared to a year earlier, new home sales reflected 13.4% of overall housing sales, down from 14.6% last year. Sales of new and existing homes slipped year-over-year in January after also falling in December year-over-year.
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Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $222,018 in January, up 12.5% from last year. This gain is better than the 11.7% hike in December year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In January 2012, average mortgage size increased 6.2% from a year earlier to $195,370. In December 2011, average mortgage size on newly sold homes saw a 6.0% rise year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 5.3 percentage points year-over-year to 88.0% in January 2012.
Oklahoma City, OK - Latest Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: May 07, 2012 09:33:14 AM
Sales of new homes slid year-over-year in January in the Oklahoma City, OK market, but compared with December 2011, the percentage fall was less harsh, suggesting that the market may be evening out. New home sales saw a 10.9% fall from a year earlier to 196 after sales slumped 15.7% in December from the year earlier.
A total of 2,926 new homes were sold during the 12 months that ended in January, down from 2,950 for the year that ended in December.
Compared to a year earlier, new home sales reflected 13.4% of overall housing sales, down from 14.6% last year. Sales of new and existing homes slipped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $222,018 in January, up 12.5% from last year. This gain is better than the 11.7% hike in December year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In January 2012, average mortgage size increased 6.2% from a year earlier to $195,370. In December 2011, average mortgage size on newly sold homes saw a 6.0% rise year-over-year from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 5.3 percentage points year-over-year to 88.0% in January 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 2012. Single-family home sales have represented all of new home sales while attached unit sales have accounted for no part of sales.
There was an 18.2% rise year-over-year in the average unit size of newly sold homes to 2,368 square feet in January 2012. An increase in both the average size and price of newly sold homes was also seen in December 2011 when the average size rose 4.7% to 2,155 square feet.
Foreclosures and real estate owned (REO) sales stayed steady in January from a year earlier, but remained a burden on the market. Foreclosures and REO sales, taken together, made up 35.8% of existing sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures dipped to 16.9% in January from 18.8% a year earlier while REO sales as a percentage of existing home sales increased to 18.9% from 17.2%.
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Source: Housing Intelligence