In the Napa, CA market, new home closings dropped year-over-year in February, declining after staying relatively stable in January from the year earlier. Closings stood at 1 in February after being 2 a year earlier and remaining unchanged at 4 in January from a year earlier.
A total of 56 new homes were sold during the 12 months that ended in February, down from 57 for the year that ended in January.
New home closings were 1 out of the 86 total closings, a move on a percentage basis from 2 of 134 a year earlier. For new and existing homes, closings fell in February after also declining in January year-over-year.
The average new home price was $799,000, down from $1,290,750.00 a year earlier. This was on the heels of a move from $769,300 per unit to $775,250 from January 2015 to January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 9.4% of existing home closings, up from 6.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.9% in February from 3.0% a year earlier and REO closings moved from 3.0% of existing home closings in February 2015 to 3.5% in February 2016.