In the Oxnard, CA market, new home closings grew year-over-year in February, and the percentage bump was higher than January 2016, implying the market may be improving. New home closings saw a 48.5% hike from a year earlier to 49. This came on the heels of a 3.7% rise year-over-year in January.
A total of 632 new homes were sold during the 12 months that ended in February, up from 616 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 8.5%. This marks a rise from 6.3% of total closings a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 10.0% bump year-over-year in February to $661,020 per unit. This surge is smaller than the 18.2% boost in January year-over-year.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. It sank 9.2% in February from a year earlier to $467,620. In January 2016, average mortgage size jumped 4.3% 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 rose from 60.6% in February 2015 to 87.8% of closings in February 2016. Conversely, the share of new home closings belonging to attached units dropped to 12.2% of closings from 39.4% of closings.
The average unit size of newly sold homes gained 36.9% year-over-year to 2,898 square feet in February 2016. An increase was also seen in January 2016 when the average size of new homes sold jumped 55.6% to 3,297 square feet. The average size of newly sold homes moved from 2,119 square feet in January 2015 to 3,297 square feet in January 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 9.9% of existing home closings, down from 13.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.9% in February from 6.5% a year earlier while REO closings as a percentage of existing home closings fell to 4.9% from 6.9% a year earlier.