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New Home Sales and Prices Fall in Tulsa According to Newest Data

Posted on: May 06, 2013 07:37:25 AM

In the Tulsa, OK market in January, new home closings sank year-over-year, moving downward after a rise in December 2012. New home closings saw a 10.3% drop from a year earlier to 70. This followed a 12.7% jump year-over-year in December.

A total of 1,384 new homes were sold during the 12 months that ended in January, down from 1,392 for the year that ended in December.

New home closings represented 7.2% of overall housing closings, less than the 8.7% of closings a year earlier. Following a decline in December year-over-year, closings of new and existing homes rose year-over-year in January.

Pricing and Mortgage Trends

For newly sold homes, the average price fell 3.6% year-over-year in January to $239,121 per unit. This is a downward shift from the 12.2% bump in December year-over-year.

For newly sold homes, the average mortgage size saw a rise year-over-year in contrast to new home prices. In January 2013, average mortgage size increased 8.4% from a year earlier to $223,517. Average mortgage size rose 10.1% in December 2012 from a year earlier. The overall percentage of sale price that was being financed jumped 10.3 percentage points year-over-year to 93.5% in January 2013. This came after a 1.7 percentage point decline in December from a year earlier.

Other Market Trends

As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. The share of new home closings belonging to attached units climbed from no part of closings in January 2012 to 1.4% of closings in January 2013. Meanwhile, single-family home closings as a percentage of all new home closings slid to 98.6% of closings from all of closings.

For all new homes sold, the average unit size rose 5.8% year-over-year to 2,564 square feet in January 2013. For newly sold homes, an average size rise contrasting with an average price decline was also seen in December 2012 when the average size of newly sold homes dipped 8.0% to 2,547 square feet.

Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 36.8% of existing closings, lower than 46.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.7% in January from 21.5% a year earlier while REO closings as a percentage of existing home closings slipped to 17.1% from 25.3% a year earlier.

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