Closings of new homes grew year-over-year in July in the Napa, CA market, but the increase was less than June 2016. New home closings moved from 4 a year earlier to 5 after the figure moved from 2 in June 2015 to 10 in June 2016.
A total of 72 new homes were sold during the 12 months that ended in July, up from 71 for the year that ended in June.
5 of the 149 total closings were new home closings, a shift on a percentage basis from 4 out of 165 a year earlier. Following a year-over-year increase in June, closings of new and existing homes fell year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $796,320, up from $762,375 a year earlier. This followed a 40.4% drop in June from a year earlier.
There was a decline in average mortgage size on new homes, going from $592,623 last year to $567,335 in July 2016. Average mortgage size on new homes went from $449,300 in June 2015 to $349,432 in June 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 9.0% of existing home closings, higher than 8.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.6% in July from 2.5% a year earlier while REO closings as a percentage of existing home closings slid to 3.5% from 6.2% a year earlier.