There was an increase in new home closings in the Napa, CA market in December year-over-year, and the increase was greater than November 2015. New home closings moved from 4 a year earlier to 14 after the figure moved from 7 in November 2014 to 13 in November 2015.
A total of 60 new homes were sold during the 12 months that ended in December, up from 50 for the year that ended in November.
New home closings were 14 out of 123 total closings, making up 11.4%. This is up on a percentage basis from 4 of 87 a year earlier. For new and existing homes, closings climbed year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $816,750, an increase from $707,125 a year earlier. This followed a 2.9% lift in November year-over-year.
Average mortgage size on new homes rose from $437,667 to $576,233. Average mortgage size on new homes went from $628,554 in November 2014 to $597,616 in November 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 9.2% of existing home closings, up from 7.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.8% in December from 4.8% a year earlier while REO closings as a percentage of existing home closings gained to 7.3% from 2.4%.