Closings of new homes in the Napa, CA market remained steady year-over-year in January, staying flat after advancing year-over-year in December from the year earlier. Closings remained level at 4 from a year earlier after the figure moved from 4 in December 2014 to 13 in December 2015.
A total of 57 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
Out of the 80 total closings, 4 were new home closings. This is consistent on a percentage basis with a year earlier. After rising year-over-year in December, closings of new and existing homes dropped year-over-year in January.
Pricing and Mortgage Trends
The average price for new homes in January 2016 was $775,250, a shift from $769,300 last year. This came after a 16.8% rise in December year-over-year.
The average mortgage size on new homes was $658,324, up from $558,974. Average mortgage size on new homes went from $437,667 in December 2014 to $584,703 in December 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 January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 3.9% of closings, below 13.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.3% in January from 5.2% a year earlier while REO closings as a percentage of existing home closings declined to 2.6% from 7.8% a year earlier.