New home sales increased year-over-year in August in the Oxnard, CA market, rebounding from a year-over-year decline in July 2011. New home sales moved from 25 a year earlier to 34 after the figure moved from 20 in July 2010 to 13 in July 2011.
In the 12 months ending August 2011, there were 225 new home sales, up from an annualized 216 in July.
New home sales represented 3.5% of overall housing sales. As a part of the whole, new home sales were 2.7% a year earlier. Sales of new existing homes rose year-over-year in August following a decline in July year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes declined 12.3% year-over-year in August to $384,426 per unit. This fall is a drop off from the 3.2% decline in July from a year earlier.
The average mortgage size on newly sold homes saw a drop year-over-year along with new home prices. Average mortgage size sank by 32.2% from a year earlier, settling at $311,137 in August. Average mortage size on new homes went from $568,069 in July 2010 to $421,964 in July 2011.
Other Market Trends
As a percentage of new home sales, attached unit sales have gained from last year while single-family home sales have dropped. The share of new home sales belonging to attached units climbed from 76.0% of sales in August 2010 to 94.1% of sales in August 2011. At the same time, the share belonging to single-family homes dropped to 5.9% of sales from 24.0% of sales.
The average unit size of newly sold homes slid 20.8% year-over-year to 1,745 square feet in August 2011. The average size of newly sold homes moved from 2,432 square feet in July 2010 to 3,119 square feet in July 2011.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Together, foreclosures plus REO sales made up 41.9% of existing home sales. In August 2010, they represented 49.2% of sales. The percentage of existing home sales belonging to foreclosures went from 25.3% in August 2010 to 25.1% of sales in August 2011 and REO sales as a percentage of existing home sales fell to 16.8% of sales from 24.0% of sales a year earlier.
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