In the Napa, CA market in June, new home closings gained year-over-year, and the increase was greater than May 2016. New home closings moved from 2 a year earlier to 10 after the figure moved from 3 in May 2015 to 5 in May 2016.
A total of 71 new homes were sold during the 12 months that ended in June, up from 63 for the year that ended in May.
New home closings were 10 out of 148 total closings, making up 6.8%. This is up on a percentage basis from 2 of 139 a year earlier. After staying stable in May from a year earlier, closings of new and existing homes climbed in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $462,920, down from last year's $776,750. This came after a 22.8% gain in May year-over-year.
The average mortgage size went down to $349,432 from $449,300 a year earlier. Average mortgage size on new homes went from $529,926 in May 2015 to $569,756 in May 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 continued to decline from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 4.3% of existing closings, lower than 6.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.4% in June from 4.4% a year earlier and REO closings moved from 2.2% of existing home closings in June 2015 to 2.9% in June 2016.