New home closings in the Lawton, OK market increased year-over-year in June, rebounding from a year-over-year decline in May 2016. New home closings moved from 5 a year earlier to 8 after the figure moved from 5 in May 2015 to 4 in May 2016.
New home closings were 8 of the 136 total closings, up on a percentage basis from 5 of 167 a year earlier. Following a year-over-year rise in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $255,825, an increase from $250,800 a year earlier. This came after a 4.1% bump in May year-over-year.
The average mortgage size moved to $225,054, down from last year's $235,841. Average mortgage size on new homes went from $223,738 in May 2015 to $238,057 in May 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 June 2016.
The average unit size of newly sold homes rose from 2,271 square feet a year earlier to 2,454 square feet.
Foreclosures and real estate owned (REO) closings fell in June from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 42.2% of existing home closings, down from 52.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.9% in June from 28.4% a year earlier while REO closings as a percentage of existing home closings jumped to 31.2% from 24.1%.