Closings of new homes in the Oxnard, CA market climbed year-over-year in September, and the percentage bump was higher than August 2015, implying the market may be improving. New home closings saw a rise of more than threefold from the year earlier to 81. In comparison, new home closings in the same month last year saw a 63.9% jump 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 made up 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 rose year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
In September, the average price of newly sold homes dropped year-over-year to $563,889 per unit, marking a 21.6% drop from the year-earlier figure. This fall is larger than the 6.8% decline in August from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In September 2015, average mortgage size on new homes sold was $455,422, down 6.9% from a year earlier. In August 2015, average mortgage size fell 5.0% 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 grew from 13.0% of closings in September 2014 to 40.7% of closings in September 2015. At the same time, the share belonging to single-family homes sank to 59.3% of closings from 87.0% of closings.
There was a 7.0% hike year-over-year in the average unit size of newly sold homes to 3,151 square feet in September 2015. The average size of newly sold homes moved from 3,326 square feet in August 2014 to 2,063 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to decline 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.