There was a rise in new home closings in the Napa, CA market in March year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 2 a year earlier to 4 after the figure moved from 2 in February 2015 to 1 in February 2016.
A total of 58 new homes were sold during the 12 months that ended in March, up from 56 for the year that ended in February.
New home closings were 4 of the 118 total closings, up on a percentage basis from 2 of 116 a year earlier. Closings of new and existing homes climbed year-over-year in March following a drop in February year-over-year.
Pricing and Mortgage Trends
The average new home value went from $751,500 last year to $776,625. This followed a 38.1% fall in February from a year earlier.
Average mortgage size on new homes went from $417,100 a year earlier to $704,576.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 6.1% of closings, below 7.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.6% in March from 4.4% a year earlier while REO closings as a percentage of existing home closings stayed level at 3.5%.