The Napa, CA market saw a drop in new home closings year-over-year in September, sliding after a growth in August 2015. New home closings moved from 5 a year earlier to 3 after the figure moved from none in August 2014 to 2 in August 2015.
A total of 45 new homes were sold during the 12 months that ended in September, down from 47 for the year that ended in August.
New home closings represented 3 out of the 121 total closings, which is a smaller percentage than the 5 of 111 total closings a year earlier. Closings of new and existing homes grew year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $711,667, down from last year's $951,700. This came after a shift to an average price of $854,250 in August 2015 after there were no closings in August 2014.
From the year-ago figure of $536,710, the average mortgage size on new homes moved up to $556,301.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 6.8% of existing home closings, below 10.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.5% in September from 3.8% a year earlier while REO closings as a percentage of existing home closings sank to 4.2% from 6.6% a year earlier.