New home closings dropped year-over-year in January in the Lawton, OK market, and the decline was by a larger percentage than the December 2015. New home closings moved from 6 a year earlier to 4 after the figure moved from 4 in December 2014 to 3 in December 2015.
Last year, 6 of 111 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 166 total closings. Following a fall in December year-over-year, closings of new and existing homes jumped year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $232,025, an increase from $223,500 a year earlier. This followed a 12.2% decline in December from a year earlier.
The average mortgage size went down to $210,920 from $226,637 a year earlier. Average mortgage size on new homes went from $280,478 in December 2014 to $246,822 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes fell from 2,043 square feet a year earlier to 1,865 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 66.0% of existing home closings, up from 61.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 46.3% in January from 41.0% a year earlier while REO closings as a percentage of existing home closings slid to 19.8% from 21.0% a year earlier.