Total new-home closings: 3,840
Population: 1,336,767
The good: Unemployment rates are great and getting better, decreasing from 4.2% to 3.3% year over year in March 2015.
The bad: A bad month in December 2014 kept the start of 2015 flat.
The bottom line: There may be nothing remarkable to report about this market right now, but with steady performance, the question may be: Why not?
Even with a 16.4% year-over-year decrease in new-home closings in December 2014, Oklahoma City remains a steady choice among builders, which is evidenced by a slight increase in total new-homes sold over the 12-month period ending in January 2015—up from 3,518 to 3,526—and a modest 2% year-over-year increase in year-to-date permits in March. New homes managed to grab an additional 0.5% of market share among overall closings in January 2015, with single-family detached homes squarely dominating at a 99% share. Perhaps the only remarkable change to be found in the area’s market appears in new-home prices, which increased by 11.2% year over year in January 2015 to $267,825. That said, as the market comes off 3,840 annual closings, steadiness may be cause for excitement.
