There was a rise in closings of new homes in the Lawton, OK market in November year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 2 a year earlier to 4 after the figure moved from 8 in October 2014 to none in October 2015.
New home closings were 4 out of 115 total closings, making up 3.5%. This is up on a percentage basis from 2 of 148 a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.
The average per-unit price of new homes was $165,888, compared with $214,000 last year. This came after a.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes rose from 1,756 square feet a year earlier to 2,184 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 45.9% of existing closings, lower than 53.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 24.3% in November from 33.6% a year earlier while REO closings as a percentage of existing home closings gained to 21.6% from 19.9%.