Latest Figures Show New Home Sales and Prices Increase in Napa
Posted on: May 06, 2013 07:25:23 AM
In February, there was an increase in closings of new homes in the Napa, CA market year-over-year, but the increase was less than January 2013. New home closings moved from three a year earlier to four after the figure moved from five in January 2012 to nine in January 2013.
A total of 86 new homes were sold during the 12 months that ended in February, up from 85 for the year that ended in January.
New home closings were four out of 99 total closings, making up 4.0%. This is up on a percentage basis from three of 137 a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $536,250 in February 2013, up from $442,333 a year earlier. This came after a 8.9% decline in January from a year earlier.
Average mortgage size on new homes went from $289,437 a year earlier to $558,250. Average mortgage size on new homes went from $619,878 in January 2012 to $453,759 in January 2013.
Latest Figures Show New Home Sales and Prices Increase in Napa
Posted on: May 06, 2013 07:25:23 AM
In February, there was an increase in closings of new homes in the Napa, CA market year-over-year, but the increase was less than January 2013. New home closings moved from three a year earlier to four after the figure moved from five in January 2012 to nine in January 2013.
A total of 86 new homes were sold during the 12 months that ended in February, up from 85 for the year that ended in January.
New home closings were four out of 99 total closings, making up 4.0%. This is up on a percentage basis from three of 137 a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $536,250 in February 2013, up from $442,333 a year earlier. This came after a 8.9% decline in January from a year earlier.
Average mortgage size on new homes went from $289,437 a year earlier to $558,250. Average mortgage size on new homes went from $619,878 in January 2012 to $453,759 in January 2013.
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. Attached closings made up one of four new home closings after accounting for no part of closings a year earlier. Meanwhile, single-family homes made up three of four new home closings after making up all of closings a year earlier.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 27.4% of closings, below 54.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.8% in February from 29.9% a year earlier while REO closings as a percentage of existing home closings fell to 10.5% from 24.6% a year earlier.
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Source: Housing Intelligence