There was a rise in closings of new homes in the Oxnard, CA market in June year-over-year, swinging up after a decline in May 2016. There was a 71.4% rise in new home closings from a year earlier. This followed a 2.2% fall year-over-year in May.
A total of 671 new homes were sold during the 12 months that ended in June, up from 646 for the year that ended in May.
As a percentage of overall housing closings, new home closings accounted for 5.7%. This is better than the 3.6% of closings a year earlier. Following a drop in May year-over-year, closings of new and existing homes rose year-over-year in June.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 7.7% bump year-over-year in June to $714,988 per unit. This hike is smaller than the 35.4% boost in May year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It jumped to $546,666 in June, a 11.5% surge. In May 2016, average mortgage size gained 15.1% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have fallen. The share of new home closings belonging to attached units increased from 25.7% of closings in June 2015 to 30.0% of closings in June 2016. At the same time, the share belonging to single-family homes fell to 70.0% of closings from 74.3% of closings.
There was a 7.6% rise year-over-year in the average unit size of newly sold homes to 2,849 square feet in June 2016. The average size of newly sold homes moved from 2,379 square feet in May 2015 to 2,719 square feet in May 2016. An increase in both the average size and price of newly sold homes was also seen in May 2016 when the average size jumped 14.3% to 2,719 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 7.0% of existing home closings, down from 9.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.9% in June from 4.2% a year earlier while REO closings as a percentage of existing home closings sank to 4.0% from 5.2% a year earlier.