In the Oklahoma City, OK market in October, sales of new homes slid year-over-year, sliding down after a boost in September 2011. Sales slumped 19.1% from a year earlier to 212. This followed a 17.2% jump year-over-year in September.

A total of 2,999 new homes were sold during the 12 months that ended in October, down from 3,049 for the year that ended in September.

Out of all housing sales, new home sales made up 13.6%. This is down from the 16.9% of sales a year earlier. After new and existing sales rose in September year-over-year, they stayed level in October.

The average price of new homes went from $208,197 in October 2010 to $208,939 in October 2011. This followed a 2.9% rise in September year-over-year.

The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size rose to $182,829 in October, marking an 8.5% rise compared with a year earlier. In September 2011, average mortgage size declined 2.2% from a year earlier. For new home sales, the percentage of the sale price that was being financed rose 6.6 percentage points year-over-year to 87.5% in October 2011. This came after a 4.6 percentage point decline in September from a year earlier.

There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home sales have moved from 99.2% of new home sales to 99.1% of sales while attached units have gone from 0.8% of sales to 0.9% of sales.

The average unit size of newly sold homes fell 3.4% year-over-year to 2,019 square feet in October 2011. The average size of newly sold homes moved from 2,107 square feet in September 2010 to 2,051 square feet in September 2011.

Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Together, foreclosures plus REO sales represented 24.4% of existing home sales. They accounted for 28.6% in October 2010. The percentage of existing home sales involving foreclosures dipped to 13.9% in October from 15.1% a year earlier while REO sales as a percentage of existing home sales slipped to 10.6% from 13.5% a year earlier.

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