New home closings in the Oxnard, CA market dropped year-over-year in May, but there were signs the market may be stabilizing from a percentage drop less than April 2016. Closings declined 2.2% from a year earlier to 45. This came on the heels of a 10.9% drop year-over-year in April.
A total of 645 new homes were sold during the 12 months that ended in May, down from 646 for the year that ended in April.
As a percentage of overall housing closings, new home closings accounted for 5.2% of closings, relatively stable from a year earlier. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Pricing and Mortgage Trends
In May, the average value of new homes saw a 35.4% surge year-over-year as it grew to $724,911 per unit. This bump is higher than the 34.6% gain in April year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. In May 2016, the average mortgage size was $511,646, up 15.1% from a year earlier. In April 2016, average mortgage size on newly sold homes saw a 26.9% hike year-over-year from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 71.7% of new home closings to 71.1% of closings while attached units have gone from 28.3% of closings to 28.9% of closings.
For all new homes sold, the average unit size increased 17.5% year-over-year to 2,842 square feet in May 2016. An increase was also seen in April 2016 when the average size of new homes sold grew 46.2% to 3,492 square feet. The average size of newly sold homes moved from 2,389 square feet in April 2015 to 3,492 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 7.8% of existing home closings, down from 10.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.9% in May from 5.0% a year earlier while REO closings as a percentage of existing home closings dropped to 3.9% from 5.1% a year earlier.