Latest Numbers Indicate New Home Closings and Prices Decline in Tulsa
Posted on: Jul 06, 2014 07:37:29 AM
Closings of new homes dropped year-over-year in March in the Tulsa, OK market, a shift downward off a hike in February 2014. Closings sank 12.4% from a year earlier to 127. This followed a 20.6% jump year-over-year in February.
A total of 1,756 new homes were sold during the 12 months that ended in March, down from 1,774 for the year that ended in February.
Out of all housing closings, new home closings accounted for 8.7%. A year earlier, new home closings accounted for 9.3% of total closings. Closings of new and existing homes dropped year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 2.8% drop year-over-year to $257,202 per unit in March. This decline compares to a 1.1% boost in February year-over-year.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It gained to $221,513 in March, a 1.1% rise. In February 2014, average mortgage size on newly sold homes saw a 1.0% fall from a year earlier.