New home closings sank year-over-year in September in the Napa, CA market, falling after a rise in August 2015. New home closings moved from 5 a year earlier to 3 after the figure moved from none in August 2014 to 2 in August 2015.
A total of 45 new homes were sold during the 12 months that ended in September, down from 47 for the year that ended in August.
On a percentage basis, new home closings as a part of total closings decreased to 2.5% from 4.5% a year earlier. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $711,667, down from last year's $951,700. This followed a shift to an average price of $854,250 in August 2015 after there were no closings in August 2014.
The average mortgage size on new homes was $556,301, up from $536,710.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 6.8% of closings, below 10.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.5% in September from 3.8% a year earlier while REO closings as a percentage of existing home closings slid to 4.2% from 6.6% a year earlier.