Closings of new homes in the Lawton, OK market remained unchanged year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at 3 from a year earlier after the figure moved from 11 in June 2014 to 5 in June 2015.
A total of 52 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
3 of the 191 total closings were new home closings, a shift on a percentage basis from 3 out of 156 a year earlier. For new and existing homes, closings grew year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average new home value went from $246,833 last year to $445,833. This followed a 7.7% hike in June year-over-year.
Average mortgage size on new homes rose from $250,147 to $424,194. Average mortgage size on new homes went from $215,314 in June 2014 to $235,841 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes rose from 2,079 square feet a year earlier to 2,836 square feet.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, represented 47.9% of existing closings, lower than 52.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 20.7% in July from 34.0% a year earlier while REO closings as a percentage of existing home closings climbed to 27.1% from 18.3%.