Closings of new homes in the Lawton, OK market slid year-over-year in May, dropping after a year-over-year increase in April 2016. New home closings moved from 5 a year earlier to 4 after the figure moved from 1 in April 2015 to 7 in April 2016.
4 of the 141 total closings were new home closings, a shift on a percentage basis from 5 out of 137 a year earlier. For new and existing homes, closings climbed year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $259,400 last year to $270,125. This was on the heels of a 27.5% rise in April year-over-year.
Average mortgage size on new homes rose from $223,738 to $238,057. Average mortgage size on new homes went from $109,900 in April 2015 to $192,806 in April 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 May 2016.
The average unit size of newly sold homes fell from 2,096 square feet a year earlier to 1,474 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 48.2% of existing home closings, up from 47.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 12.4% in May from 22.0% a year earlier while REO closings as a percentage of existing home closings rose to 35.8% from 25.8%.