Woltemade, signed to replace Alexander Isak after the Swede's British-record move to Liverpool, scored with a bullet header from Jacob Murphy's cross in the first half to end Newcastle's run of three winless matches and lift the mood at St James' Park.
Howe praised the 23-year-old former Stuttgart forward for quickly adapting to the rigours of the English top flight. Newcastle brought in Woltemade two days before deadline day in a club-record deal worth 69 million pounds ($93.54 million).
"It was great to see Nick score on his debut. Very strong, I was very pleased with him. Tactically he understood what we wanted. It was a shift for him, he had cramp at the end. He took his goal brilliantly," Howe told BBC Sport.
Another new signing, winger Yoane Wissa, is still waiting for his Newcastle debut after suffering a knee injury on international duty with DR Congo earlier this week.
Woltemade appeared to fit seamlessly with Newcastle's existing front line, linking up neatly with Harvey Barnes and Jacob Murphy down the flanks against Wolves.
Asked whether Woltemade and Wissa could combine well in attack, Howe said, "It's something we can do and we will look at. I don't know if we want to change the tactical framework too much but I'll never rule anything out."
Woltemade's goal rewarded Newcastle after they survived an early barrage, with Nick Pope saving brilliantly from Rodrigo Gomes and Hwang Hee-chan inside the opening minute before Murphy twice went close at the other end.
"I thought we played pretty well after the first five minutes. The fact we haven't won a game puts more pressure on you in the latter stages," Howe said.
"The win was all that mattered but we'd love to win in a better style and score more goals. We are defending well as a team."
Newcastle, buoyed by their first win of the season, next host Barcelona in their Champions League opener on Thursday.
Check out the match report from Newcastle's win with Flashscore.