In the Oxnard, CA market in July, closings of new homes gained year-over-year, on an upswing after a fall in June 2015. There was a 13.6% hike in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 18.6% drop year-over-year in June.
A total of 495 new homes were sold during the 12 months that ended in July, up from 489 for the year that ended in June.
New home closings represented 4.9% of overall housing closings. They represented 5.1% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also rose year-over-year in July.
Pricing and Mortgage Trends
For newly sold homes, the average price sank 14.2% year-over-year in July to $589,756 per unit. This fall compares to a 10.8% surge in June year-over-year.
For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. Average mortgage size declined 15.1% to $438,967 in July from a year earlier. Average mortgage size increased 9.8% in June 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have dipped. Attached unit closings climbed from 40.9% of all closings in July 2014 to 60.0% of closings in July 2015. At the same time, the share belonging to single-family homes fell to 40.0% of closings from 59.1% of closings.
For all new homes sold, the average unit size fell 38.7% year-over-year to 1,866 square feet in July 2015. The average size of newly sold homes moved from 3,218 square feet in June 2014 to 2,091 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 8.1% of existing closings, lower than 10.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.3% in July from 6.2% a year earlier and REO closings moved from 4.2% of existing home closings in July 2014 to 4.8% in July 2015.