Closings of new homes in the Lawton, OK market dropped 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. Following a year-over-year increase in February, closings of new and existing homes fell 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% lift in February year-over-year.
Average mortgage size on new homes rose from $189,086 to $273,800. It went from $197,359 to $196,000 from February 2015 to 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 burden on the market. Foreclosures and REO closings, taken together, represented 54.9% of existing home closings, up from 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 sank to 23.3% from 27.5% a year earlier.