In July, closings of new homes in the Oxnard, CA market gained year-over-year, but with a rise less sharp than June 2016, there were suggestions the market may be evening out. New home closings saw a hike of 10.0% from the year earlier to 55. This followed a 71.4% rise year-over-year in June.
A total of 676 new homes were sold during the 12 months that ended in July, up from 671 for the year that ended in June.
New home closings represented 5.8% of overall housing closings. They represented 4.9% of closings a year earlier. Following a year-over-year rise in June, closings of new and existing homes fell year-over-year in July.
Pricing and Mortgage Trends
In July, there was a 26.6% surge year-over-year in the average price of newly sold homes, reaching $746,851 per unit. This boost is an improvement over the 7.7% hike in June year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. In July 2016, the average mortgage size was $522,124, a 18.9% hike from a year earlier. In June 2016, average mortgage size on newly sold homes saw a 11.5% gain year-over-year 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 gained from 40.0% in July 2015 to 76.4% of closings in July 2016. Meanwhile, attached units as a percentage of all new home closings dropped to 23.6% of closings from 60.0% of closings.
The average unit size of newly sold homes increased 27.0% year-over-year to 2,719 square feet in July 2016. The average size of newly sold homes moved from 2,647 square feet in June 2015 to 2,849 square feet in June 2016. An increase in both the average size and price of newly sold homes was also seen in June 2016 when the average size jumped 7.6% to 2,849 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 7.6% of existing home closings, below 8.2% a year earlier. The percentage of existing home closings involving foreclosures went from 3.3% in July 2015 to 4.1% in July 2016 and REO closings as a percentage of existing home closings dropped to 3.5% from 4.9% a year earlier.