Closings of new homes in the Napa, CA market saw no change 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. After rising year-over-year in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $929,000, down from $952,000 a year earlier. This came after a 3.3% rise in March year-over-year.
Average mortgage size on new homes rose from $687,250 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 drop 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 slid to 2.6% in April from 5.5% a year earlier while REO closings as a percentage of existing home closings climbed to 5.3% from 3.1%.