In October, there was a decline year-over-year in new home sales in the Oxnard, CA market, and the decline was by a larger percentage than the September 2011. New home sales moved from 25 a year earlier to 14 after the figure moved from 23 in September 2010 to 16 in September 2011.

A total of 207 new homes were sold during the 12 months that ended in October, down from 218 for the year that ended in September.

Out of 836 total sales, 14 were of new homes, which makes up a smaller percentage than the 25 out of 840 total sales last year. Following a year-over-year increase in September, sales of new and existing homes dipped year-over-year in October.

The average value of newly sold homes in October 2011 was $456,893, down from last year's $511,656. This was on the heels of a 27.8% fall in September from a year earlier.

There was a decline in average mortgage size on new homes, going from $435,598 last year to $305,263 in October 2011. Average mortgage size dropped 18.9% in September 2011 from a year earlier. Of the overall sale price, the percentage that was being financed fell 18.3 percentage points year-over-year to 66.8% in October 2011. This came after a 10.3 percentage point bump in September from a year earlier.

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 13 of 14 new home sales after accounting for 18 of 25 a year earlier. Meanwhile, single-family homes made up one of 14 new home sales after making up seven of 25 a year earlier.

The average unit size of newly sold homes fell from 2,205 square feet a year earlier to 1,663 square feet.

Foreclosures and real estate owned (REO) sales stayed a drag on the market. Together, foreclosures plus REO sales made up 42.8% of existing home sales. In October 2010, they accounted for 51.8%. The percentage of existing home sales involving foreclosures fell to 25.4% in October from 28.3% a year earlier while REO sales as a percentage of existing home sales declined to 17.4% from 23.4% a year earlier.

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