In the Oxnard, CA market, closings of new homes jumped year-over-year in January, swinging up after a drop in December 2015. Closings gained 3.7% from a year earlier to 28. This was after the housing market saw a 42.0% fall year-over-year in December.
A total of 616 new homes were sold during the 12 months that ended in January, up from 615 for the year that ended in December.
As a percentage of total closings, new home closings represented 5.0%, unchanged from a year ago. Following a year-over-year increase in December, closings of new and existing homes also climbed year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes increased 18.2% year-over-year to $622,446 per unit. This bump is higher than the 6.3% lift in December year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. The average mortgage size rose to $485,429 in January, marking a 4.3% gain compared with a year earlier. Average mortgage size went from $449,375 in December 2014 to $451,482 in December 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units jumped from 18.5% of closings in January 2015 to half of closings in January 2016. At the same time, the share belonging to single-family homes sank to half of closings from 81.5% of closings.
There was a 55.6% boost year-over-year in the average unit size of newly sold homes to 3,297 square feet in January 2016. The average size of newly sold homes moved from 2,320 square feet in December 2014 to 2,753 square feet in December 2015. An increase in both the average size and price of newly sold homes was also seen in December 2015 when the average size increased 18.7% to 2,753 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 12.0% of closings, below 12.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.2% in January from 6.5% a year earlier and REO closings moved from 6.1% of existing home closings in January 2015 to 6.7% in January 2016.