The Lawton, OK market saw a drop in new home closings year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 5 a year earlier to 1 after the figure moved from 2 in February 2015 to 1 in February 2016.
On a percentage basis, new home closings as a part of total closings decreased to 0.7% from 3.5% a year earlier. After rising year-over-year in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $274,000, up from $196,600 a year earlier. This came after a 6.3% rise in February year-over-year.
Average mortgage size on new homes increased to $273,800 from $189,086 last year. Average mortgage size went from $197,359 in February 2015 to $196,000 in February 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 March 2016.
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings represented 54.9% of existing home closings, above 50.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 31.6% in March from 23.2% a year earlier while REO closings as a percentage of existing home closings fell to 23.3% from 27.5% a year earlier.