There was a rise in closings of new homes in the Oxnard, CA market in March year-over-year, but the percentage boost was less than February 2016, suggesting the market may be leveling. New home closings saw a rise of 42.9% from the year earlier to 60. This followed a 48.5% jump year-over-year in February.
A total of 650 new homes were sold during the 12 months that ended in March, up from 632 for the year that ended in February.
New home closings accounted for 7.2% of overall housing closings. This is a lift from 5.1% of closings a year earlier. For new and existing homes, closings jumped year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 26.6% surge year-over-year in March to $687,087 per unit. This hike is higher than the 10.0% surge in February year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. The average mortgage size saw a 19.9% rise year-over-year to $503,744 in March. In February 2016, average mortgage size on newly sold homes saw a 9.2% drop from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes grew from 59.5% in March 2015 to 76.7% of closings in March 2016. Conversely, the share of new home closings belonging to attached units dropped to 23.3% of closings from 40.5% of closings.
For all new homes sold, the average unit size climbed 6.7% year-over-year to 2,515 square feet in March 2016. An increase was also seen in February 2016 when the average size of new homes sold jumped 20.1% to 2,542 square feet. The average size of newly sold homes moved from 2,117 square feet in February 2015 to 2,542 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 7.9% of existing home closings, below 11.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.6% in March from 5.8% a year earlier while REO closings as a percentage of existing home closings fell to 4.3% from 6.0% a year earlier.