Closings of new homes in the Napa, CA market remained unchanged year-over-year in April, remaining relatively stable after moving north year-over-year in March from the year earlier. Closings remained level at 4 from a year earlier after the figure moved from 2 in March 2015 to 4 in March 2016.
A total of 58 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
New home closings were 4 out of the 118 total closings, a move on a percentage basis from 4 of 132 a year earlier. Following a year-over-year increase in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $929,000, compared with $952,000 last year. This followed a 3.3% gain in March year-over-year.
From the year-ago figure of $687,250, the average mortgage size on new homes moved up to $715,981. Average mortgage size on new homes went from $417,100 in March 2015 to $704,576 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 7.9% of existing closings, lower than 8.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.6% in April from 5.5% a year earlier while REO closings as a percentage of existing home closings increased to 5.3% from 3.1%.