Closings of new homes in the Lawton, OK market fell year-over-year in August, declining after staying relatively stable in July from the year earlier. Closings stood at 5 in August after being 9 a year earlier and remaining unchanged at 3 in July from a year earlier.
A total of 50 new homes were sold during the 12 months that ended in August, down from 54 for the year that ended in July.
On a percentage basis, new home closings as a part of total closings decreased to 4.1% from 5.7% a year earlier. Following a year-over-year increase in July, closings of new and existing homes slid year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $281,200 from last year's $252,056. This was on the heels of a 80.6% surge in July year-over-year.
From the year-ago figure of $205,701, the average mortgage size on new homes moved up to $273,456. Average mortgage size on new homes went from $250,147 in July 2014 to $424,194 in July 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 August 2015.
There was a move in the average unit size of newly sold homes from 2,133 square feet in August 2014 to 2,153 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to increase in August from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up 50.9% of existing home closings, up from 45.9% a year earlier. The percentage of existing home closings involving foreclosures went from 23.6% in August 2014 to 24.1% in August 2015 and REO closings as a percentage of existing home closings rose to 26.7% from 22.3%.