There was an increase in new home sales in the Oklahoma City, OK market in September year-over-year, an upward turn from a decline in August 2011. New home sales rose by 17.2% in September 2011 from a year earlier, after sales saw a 5.5% decline in August from the year earlier.

A total of 3,049 new homes were sold during the 12 months that ended in September, up from 3,008 for the year that ended in August.

Out of all housing sales, new home sales accounted for 15.6%. This is a rise from 14.1% of sales a year earlier. For new and existing homes, sales increased year-over-year in September after also increasing in August year-over-year.

The average price of new homes rose year-over-year in September to $209,944 per unit, a rise of 2.9%. This rise is smaller than the 5.8% rise in August year-over-year.

Average mortgage size on new homes declined year-over-year in contrast to new home prices. The average mortgage size slipped to $183,501 in September, marking a 2.2% decline compared with last year. In August 2011, average mortgage size grew 22.6% from a year earlier. The overall percentage of sale price that was being financed declined 4.6 percentage points year-over-year to 87.4% in September 2011. This came after a 12.6 percentage point boost in August from a year earlier.

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 gained from 96.6% in September 2010 to 99.6% of sales in September 2011. Meanwhile, attached units as a percentage of all new home sales declined to 0.4% of sales from 3.4% of sales.

For all new homes sold, the average unit size fell 2.7% year-over-year to 2,051 square feet in September 2011. The average size of newly sold homes moved from 2,073 square feet in August 2010 to 2,245 square feet in August 2011.

Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Combined, foreclosures plus REO sales represented 22.4% of existing home sales. In September 2010, they accounted for 30.6%. The percentage of existing home sales involving foreclosures dipped to 11.4% in September from 17.0% a year earlier while REO sales as a percentage of existing home sales declined to 11.0% from 13.6% a year earlier.

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