In the Napa, CA market, new home closings increased year-over-year in May,. Closings stood at 4 in May after being 3 a year earlier and remaining unchanged at 4 in April from a year earlier.
A total of 59 new homes were sold during the 12 months that ended in May, up from 58 for the year that ended in April.
4 of the 126 total closings were new home closings, a shift on a percentage basis from 3 out of 127 a year earlier. After a fall in April year-over-year, new and existing home closings stayed level in May.
Pricing and Mortgage Trends
The average price for new homes was $805,125, moving from $806,167 last year. This was on the heels of a 2.4% drop in April from a year earlier.
The average mortgage size on new homes was $569,756, up from $529,926. Average mortgage size on new homes went from $687,250 in April 2015 to $715,981 in April 2016.
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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 4.1% of existing closings, lower than 7.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.6% in May from 4.0% a year earlier and REO closings moved from 3.2% of existing home closings in May 2015 to 2.5% in May 2016.