The Oxnard, CA market saw a rise in new home closings in November year-over-year, but the percentage lift was less pronounced than October 2015, indicating the market may be evening out. New home closings saw a 51.7% climb from a year earlier to 44. This was after the housing market saw a 84.6% boost year-over-year in October.
A total of 649 new homes were sold during the 12 months that ended in November, up from 634 for the year that ended in October.
Of 635 total closings, 44 were of new homes. This is better than the 4.6% of closings a year earlier. Closings of new and existing homes remained steady in November after rising in October year-over-year.
Pricing and Mortgage Trends
In November, there was a 1.9% boost year-over-year in the average price of newly sold homes, reaching $607,659 per unit. This surge compares to a period of relatively little movement in October from a year earlier.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. In November 2015, the average mortgage size was $498,288, up 6.4% from a year earlier. Average mortgage size rose 3.8% in October 2015 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 increased from 37.9% in November 2014 to 72.7% of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings sank to 27.3% of closings from 62.1% of closings.
There was a 99.0% hike year-over-year in the average unit size of newly sold homes to 4,819 square feet in November 2015. The average size of newly sold homes moved from 2,914 square feet in October 2014 to 2,182 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 8.8% of closings, below 9.6% a year earlier. The percentage of existing home closings involving foreclosures went from 4.8% in November 2014 to 4.6% in November 2015 and REO closings moved from 4.8% of existing home closings in November 2014 to 4.2% in November 2015.