There was a rise in new home closings in the Lawton, OK market in April year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 1 a year earlier to 7 after the figure moved from 5 in March 2015 to 1 in March 2016.
New home closings were 7 of the 163 total closings, up on a percentage basis from 1 of 97 a year earlier. After staying stable in March from a year earlier, closings of new and existing homes grew in April.
Pricing and Mortgage Trends
The average new home value went from $160,000 last year to $204,000. This was on the heels of a 39.4% rise in March year-over-year.
Average mortgage size on new homes increased to $192,806 from $109,900 last year. Average mortgage size on new homes went from $189,086 in March 2015 to $273,800 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 1,716 square feet a year earlier to 2,019 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in April from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for half of existing home closings, higher than 47.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 19.9% in April from 21.9% a year earlier while REO closings as a percentage of existing home closings increased to 30.1% from 26.0%.