Closings of new homes jumped year-over-year in August in the Oxnard, CA market, and there were signs that the market may be improving as the percentage surge was better than July 2015. New home closings saw a 63.9% jump from a year earlier to 59. This came on the heels of a 13.6% climb year-over-year in July.
A total of 524 new homes were sold during the 12 months that ended in August, up from 501 for the year that ended in July.
New home closings represented 6.3% of overall housing closings. This is a rise from 4.5% of closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Pricing and Mortgage Trends
Average value of new homes sold in August was $625,536 per unit, down 6.8% from a year earlier. This decline is a drop off from the 14.2% drop in July from a year earlier.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In August 2015, the average mortgage size on newly sold homes saw a 5.0% drop from a year earlier. In July 2015, average mortgage size on newly sold homes saw a 15.1% fall from a year earlier.
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 climbed from 16.7% of closings in August 2014 to 39.0% of closings in August 2015. At the same time, the share belonging to single-family homes dropped to 61.0% of closings from 83.3% of closings.
For all new homes sold, the average unit size slid 38.0% year-over-year to 2,063 square feet in August 2015. The average size of newly sold homes moved from 3,045 square feet in July 2014 to 1,866 square feet in July 2015. A drop was also seen in July 2015 when the average size of new homes sold sank 38.7% to 1,866 square feet.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 9.1% of existing home closings, up from 8.0% a year earlier. The percentage of existing home closings involving foreclosures stayed at 3.8% of closings in August from a year earlier while REO closings as a percentage of existing home closings gained to 5.3% from 4.2%.