In February, the Lawton, OK market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the January 2016. New home closings moved from 2 a year earlier to 1 after the figure moved from 6 in January 2015 to 4 in January 2016.
New home closings represented 1 out of the 135 total closings, which is a smaller percentage than the 2 of 102 total closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also gained year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $245,000, up from $230,500 a year earlier. This was on the heels of a 3.8% rise in January year-over-year.
Average mortgage size on new homes moved from $197,359 to $196,000. Average mortgage size on new homes went from $226,637 in January 2015 to $210,920 in January 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 February 2016.
The average unit size of newly sold homes rose from 1,890 square feet a year earlier to 2,031 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in February from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings made up 65.7% of existing home closings, above half a year earlier. The percentage of existing home closings involving foreclosures rose to 41.0% in February from 18.0% a year earlier while REO closings as a percentage of existing home closings sank to 24.6% from 32.0% a year earlier.