New home closings in the Lawton, OK market slid year-over-year in December, sliding after a growth in November 2015. New home closings moved from 4 a year earlier to 3 after the figure moved from 2 in November 2014 to 4 in November 2015.
3 of the 118 total closings were new home closings, a shift on a percentage basis from 4 out of 137 a year earlier. Closings of new and existing homes dropped year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $243,333, down from last year's $277,042. This came after a 22.5% fall in November from a year earlier.
The average mortgage size moved to $246,822, down from last year's $280,478.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
The average unit size of newly sold homes rose from 2,091 square feet a year earlier to 2,168 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in December from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 58.3% of existing home closings, above 51.9% a year earlier. The percentage of existing home closings involving foreclosures went from 28.6% in December 2014 to 29.6% in December 2015 and REO closings as a percentage of existing home closings climbed to 28.7% from 23.3%.