Prices of New Homes Climb in Napa, Sales Decline According to Latest Data
Posted on: Apr 06, 2014 07:29:00 AM
New home closings in the Napa, CA market dropped year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 4 a year earlier to 3 after the figure moved from 5 in December 2012 to 3 in December 2013.
New home closings were 3 out of the 74 total closings, a move on a percentage basis from 4 of 104 a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes rose to $780,667 from last year's $609,000. This came after a 16.7% fall in December from a year earlier.
The average mortgage size on new homes was $574,473, up from $567,101. Average mortgage size on new homes went from $656,114 in December 2012 to $427,950 in December 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2014.