There was a rise in new home closings in the Napa, CA market in November year-over-year, rebounding from a year-over-year decline in October 2015. New home closings moved from 7 a year earlier to 13 after the figure moved from 8 in October 2014 to 6 in October 2015.
A total of 50 new homes were sold during the 12 months that ended in November, up from 44 for the year that ended in October.
New home closings were 13 of the 108 total closings, up on a percentage basis from 7 of 97 a year earlier. Following a fall in October year-over-year, closings of new and existing homes jumped year-over-year in November.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $844,654 from $820,657 a year ago. This came after a 15.2% decline in October from a year earlier.
Average mortgage size on new homes fell from $628,554 to $597,616. Average mortgage size on new homes went from $578,520 in October 2014 to $539,890 in October 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 November 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 7.4% of closings, below 11.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.1% in November from 3.3% a year earlier while REO closings as a percentage of existing home closings dropped to 5.3% from 7.8% a year earlier.