New Home Closings and Prices in Tulsa Gain According to Newest Figures
Posted on: Mar 06, 2014 07:43:36 AM
New home closings rose year-over-year in November in the Tulsa, OK market, and the percentage hike was higher than October 2013, implying the market may be improving. There was a 16.8% jump in new home closings from a year earlier. This was after the housing market saw a 11.0% jump year-over-year in October.
A total of 1,685 new homes were sold during the 12 months that ended in November, up from 1,664 for the year that ended in October.
New home closings represented 10.9% of overall housing closings. A year ago, new home closings represented 11.1%. Following a year-over-year increase in October, closings of new and existing homes also gained year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year 3.4% in November to $244,586 per unit. This lift is smaller than the 10.3% bump in October year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. In November 2013, the average mortgage size was $214,111, a 2.6% bump from a year earlier. Average mortgage size rose 12.0% in October 2013 from a year earlier.