In June, there was a drop year-over-year in new home closings in the Lawton, OK market, and the decline was by a larger percentage than the May 2015. New home closings moved from 11 a year earlier to 5 after the figure moved from 7 in May 2014 to 5 in May 2015.
A total of 52 new homes were sold during the 12 months that ended in June, down from 58 for the year that ended in May.
New home closings represented 5 out of the 152 total closings, which is a smaller percentage than the 11 of 142 total closings a year earlier. Closings of new and existing homes gained year-over-year in June following a drop in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $250,800 from $232,909 a year ago. This was on the heels of a 23.7% boost in May year-over-year.
Average mortgage size on new homes increased to $235,841 from $215,314 last year. Average mortgage size on new homes went from $210,116 in May 2014 to $223,738 in May 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 June 2015.
The average unit size of newly sold homes rose from 2,046 square feet a year earlier to 2,271 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in June from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings represented 48.3% of existing home closings, up from 42.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 24.5% in June from 19.8% a year earlier and REO closings moved from 22.9% of existing home closings in June 2014 to 23.8% in June 2015.