Closings of new homes sank year-over-year in December in the Oxnard, CA market, a drop following an increase in November 2015. There was a 42.0% drop in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 51.7% climb year-over-year in November.
A total of 615 new homes were sold during the 12 months that ended in December, down from 649 for the year that ended in November.
New home closings made up 5.7% of overall housing closings. This is a decline 10.3% of closings a year earlier. After remaining steady in November from a year earlier, closings of new and existing homes rose in December.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 6.3% in December to $588,917 per unit. This gain is an improvement over the 1.9% lift in November year-over-year.
In December 2015, average mortgage size on new homes went from $449,375 in December 2014 to $451,482 in December 2015. In November 2015, average mortgage size on newly sold homes saw a 6.4% hike year-over-year 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. Attached unit closings gained from 39.5% of all closings in December 2014 to 44.7% of closings in December 2015. Meanwhile, single-family home closings as a percentage of all new home closings slid to 55.3% of closings from 60.5% of closings.
For all new homes sold, the average unit size sank 16.4% year-over-year to 1,928 square feet in December 2015. In November, the average size of new homes sold went from 2,421 square feet a year earlier to 4,819 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 10.5% of closings, below 12.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.9% in December from 7.2% a year earlier while REO closings as a percentage of existing home closings stayed level at 5.6%.