New home closings in the Oxnard, CA market climbed year-over-year in September, and the percentage gain was sharper than August 2015, hinting that the market may be strengthening. New home closings saw a more than threefold jump from a year earlier to 81. In comparison, new home closings in the same month last year saw a 63.9% climb year-over-year in August.
A total of 590 new homes were sold during the 12 months that ended in September, up from 532 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 8.7%. This is an increase on a percentage basis, as new home closings were 3.5% of total closings a year ago. Closings of new and existing homes climbed year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $563,889 in September, a decline of 21.6% from a year earlier. This fall is larger than the 6.8% drop in August from a year earlier.
For newly sold homes, the average mortgage size dropped year-over-year in contrast to average price of new homes. It declined 6.9% in September from a year earlier, reaching $455,422. In August 2015, average mortgage size on newly sold homes saw a 5.0% fall from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. The share of new home closings belonging to attached units climbed from 13.0% of closings in September 2014 to 40.7% of closings in September 2015. Meanwhile, single-family home closings as a percentage of all new home closings sank to 59.3% of closings from 87.0% of closings.
The average unit size of newly sold homes gained 7.0% year-over-year to 3,151 square feet in September 2015. In August, the average size of new homes sold went from 3,326 square feet a year earlier to 2,063 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 8.3% of existing closings, lower than 10.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.7% in September from 5.6% a year earlier and REO closings moved from 5.3% of existing home closings in September 2014 to 5.5% in September 2015.