Oxnard, CA - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:34:00 AM
New home sales in the Oxnard, CA market slid year-over-year in February, sliding after a growth in January 2012. New home sales moved from 14 a year earlier to eight after the figure moved from 10 in January 2011 to 16 in January 2012.
A total of 199 new homes were sold during the 12 months that ended in February, down from 205 for the year that ended in January.
Eight of the 774 total sales were new home sales, a shift on a percentage basis from 14 out of 782 a year earlier. For new and existing homes, sales fell in February after also declining in January year-over-year.
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Pricing and Mortgage Trends
The average per-unit price of new homes was $408,250, compared with $467,250 last year. This followed a 24.6% fall in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $429,603 to $360,733. Average mortgage size on new homes went from $336,893 in January 2011 to $246,635 in January 2012. The overall percentage of sale price that was being financed slipped 3.6 percentage points year-over-year to 88.4% in February 2012.
Oxnard, CA - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January
Posted on: May 07, 2012 09:34:00 AM
New home sales in the Oxnard, CA market slid year-over-year in February, sliding after a growth in January 2012. New home sales moved from 14 a year earlier to eight after the figure moved from 10 in January 2011 to 16 in January 2012.
A total of 199 new homes were sold during the 12 months that ended in February, down from 205 for the year that ended in January.
Eight of the 774 total sales were new home sales, a shift on a percentage basis from 14 out of 782 a year earlier. For new and existing homes, sales fell in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $408,250, compared with $467,250 last year. This followed a 24.6% fall in January from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $429,603 to $360,733. Average mortgage size on new homes went from $336,893 in January 2011 to $246,635 in January 2012. The overall percentage of sale price that was being financed slipped 3.6 percentage points year-over-year to 88.4% in February 2012.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up four of eight new home sales after accounting for four of 14 a year earlier. Meanwhile, attached units made up four of eight new home sales after making up 10 of 14 sales a year earlier.
The average unit size of newly sold homes fell from 2,172 square feet a year earlier to 1,909 square feet.
Foreclosures and real estate owned (REO) sales remained level in February from a year earlier, but remained a drag on the market. Together, foreclosures plus REO sales made up 52.9% of existing home sales, about the same as a year earlier. The percentage of existing home sales involving foreclosures went from 26.8% in February 2011 to 26.2% in February 2012 and REO sales moved from 27.0% of existing home sales in February 2011 to 26.6% in February 2012.
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Source: Housing Intelligence