The Napa, CA market saw an increase in closings of new homes in July year-over-year, rebounding from a year-over-year decline in June 2015. New home closings moved from 2 a year earlier to 4 after the figure moved from 4 in June 2014 to 2 in June 2015.
4 of the 164 total closings were new home closings, a shift on a percentage basis from 2 out of 122 a year earlier. For new and existing homes, closings increased year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $762,375, compared with $999,750 last year. This was on the heels of a 12.0% decline in June from a year earlier.
Average mortgage size on new homes increased to $592,623 from $468,500 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 8.8% of existing closings, lower than 10.0% a year earlier. The percentage of existing home closings involving foreclosures went from 1.7% in July 2014 to 2.5% in July 2015 and REO closings as a percentage of existing home closings dropped to 6.2% from 8.3% a year earlier.