Tulsa, OK - Latest New Home Sales Numbers Suggest Market Fall is Deepening
Posted on: May 07, 2012 09:52:58 AM
New home sales in the Tulsa, OK market sank year-over-year in January, and the percentage drop worsened from December 2011, indicating the market may be weakening. Sales sank 12.4% from a year earlier to 78, relative to a 12.0% drop in December from the year earlier.
A total of 1,354 new homes were sold during the 12 months that ended in January, down from 1,365 for the year that ended in December.
Sales of new and existing homes fell year-over-year in January after also falling in December year-over-year.
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Pricing and Mortgage Trends
In January, the average price of newly sold homes rose to $241,697 per unit, a 14.7% rise year-over-year. The hike is an upward shift from a 4.2% decline in December from a year earlier.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. The average mortgage size rose to $209,278 in January, marking an 8.5% rise compared with a year earlier. In December 2011, average mortgage size increased 7.1% from a year earlier. For new home sales, the percentage of the sale price that was being financed declined 4.9 percentage points year-over-year to 86.6% in January 2012. This came after a 9.3 percentage point rise in December from a year earlier.
Tulsa, OK - Latest New Home Sales Numbers Suggest Market Fall is Deepening
Posted on: May 07, 2012 09:52:58 AM
New home sales in the Tulsa, OK market sank year-over-year in January, and the percentage drop worsened from December 2011, indicating the market may be weakening. Sales sank 12.4% from a year earlier to 78, relative to a 12.0% drop in December from the year earlier.
A total of 1,354 new homes were sold during the 12 months that ended in January, down from 1,365 for the year that ended in December.
Sales of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes rose to $241,697 per unit, a 14.7% rise year-over-year. The hike is an upward shift from a 4.2% decline in December from a year earlier.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. The average mortgage size rose to $209,278 in January, marking an 8.5% rise compared with a year earlier. In December 2011, average mortgage size increased 7.1% from a year earlier. For new home sales, the percentage of the sale price that was being financed declined 4.9 percentage points year-over-year to 86.6% in January 2012. This came after a 9.3 percentage point rise in December from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. The share of new home sales belonging to single-family homes jumped from 98.9% in January 2011 to all of sales in January 2012. Conversely, the share of new home sales belonging to attached units dropped to no part of sales from 1.1% of sales.
There was a 12.9% bump year-over-year in the average unit size of newly sold homes to 2,447 square feet in January 2012. A rise was also seen in December 2011 when the average size of new homes sold rose 4.7% to 2,634 square feet.
Foreclosures and real estate owned (REO) sales stayed steady in January from a year earlier, but stayed a drag on the market. Combined, foreclosures plue REO sales represented 46.1% of existing home sales, relatively unchanged from a year earlier. The percentage of existing home sales involving foreclosures fell to 19.7% in January from 23.5% a year earlier while REO sales as a percentage of existing home sales increased to 26.4% from 21.9%.
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Source: Housing Intelligence