Closings of new homes sank year-over-year in April in the Oxnard, CA market, curving down after an increase in March 2016. Closings declined 10.9% from a year earlier to 49. In comparison, new home closings in the same month last year saw a 42.9% rise year-over-year in March.
A total of 646 new homes were sold during the 12 months that ended in April, down from 652 for the year that ended in March.
Of 749 total closings, 49 were of new homes. This marks a rise from 5.5% of total closings a year earlier. After rising year-over-year in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 34.6% rise year-over-year in April to $750,498 per unit. This gain is better than the 26.6% hike in March year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size grew 26.9% to $528,125 in April from a year earlier. In March 2016, average mortgage size on newly sold homes saw a 19.9% surge year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes jumped from 43.6% in April 2015 to 85.7% of closings in April 2016. At the same time, the share of new home closings belonging to attached units declined to 14.3% of closings from 56.4% of closings.
There was a 46.2% hike year-over-year in the average unit size of newly sold homes to 3,492 square feet in April 2016. The average size of newly sold homes moved from 2,356 square feet in March 2015 to 2,515 square feet in March 2016. An increase was also seen in March 2016 when the average size of new homes sold jumped 6.7% to 2,515 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 7.9% of existing home closings, below 10.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.1% in April from 5.2% a year earlier and REO closings moved from 5.5% of existing home closings in April 2015 to 4.7% in April 2016.