Oxnard, CA - Recent Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: Feb 06, 2012 09:34:37 AM
In November, the Oxnard, CA market saw a fall year-over-year in new home sales, but the decline was less than the year-over-year decline in October. New home sales moved from 17 a year earlier to 14 after the figure moved from 25 in October 2010 to 14 in October 2011.
A total of 204 new homes were sold during the 12 months that ended in November, down from 207 for the year that ended in October.
Fourteen of the 796 total sales were new home sales, a shift on a percentage basis from 17 out of 762 a year earlier. After dropping in October from a year earlier, sales of new and existing homes increased year-over-year in November.
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Pricing and Mortgage Trends
The average new home price was $551,714 in November 2011, moving north from $378,265 a year earlier. This came after a 10.7% drop in October from a year earlier.
Average mortgage size on new homes fell from $360,658 to $298,085. Average mortgage size on new homes went from $435,598 in October 2010 to $305,263 in October 2011. The overall percentage of sale price that was being financed slid 41.3 percentage points year-over-year to 54.0% in November 2011.
Oxnard, CA - Recent Figures for New Home Sales Suggest Market Drop is Subsiding
Posted on: Feb 06, 2012 09:34:37 AM
In November, the Oxnard, CA market saw a fall year-over-year in new home sales, but the decline was less than the year-over-year decline in October. New home sales moved from 17 a year earlier to 14 after the figure moved from 25 in October 2010 to 14 in October 2011.
A total of 204 new homes were sold during the 12 months that ended in November, down from 207 for the year that ended in October.
Fourteen of the 796 total sales were new home sales, a shift on a percentage basis from 17 out of 762 a year earlier. After dropping in October from a year earlier, sales of new and existing homes increased year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $551,714 in November 2011, moving north from $378,265 a year earlier. This came after a 10.7% drop in October from a year earlier.
Average mortgage size on new homes fell from $360,658 to $298,085. Average mortgage size on new homes went from $435,598 in October 2010 to $305,263 in October 2011. The overall percentage of sale price that was being financed slid 41.3 percentage points year-over-year to 54.0% in November 2011.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up 11 of 14 new home sales after accounting for 11 of 17 a year earlier. Meanwhile, single-family homes made up three of 14 new home sales after making up six of 17 a year earlier.
The average unit size of newly sold homes rose from 1,874 square feet a year earlier to 2,416 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 44.6% of sales. In November 2010, they accounted for 49.7%. The percentage of existing home sales involving foreclosures rose to 24.9% in November from 23.5% a year earlier while REO sales as a percentage of existing home sales dipped to 19.7% from 26.2% a year earlier.
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Source: Housing Intelligence