New Home Closings and Prices in Napa Decline According to Newest Figures
Posted on: Mar 06, 2014 07:29:22 AM
Closings of new homes slid year-over-year in December in the Napa, CA market, and the decline was by a larger percentage than the November 2013. New home closings moved from 5 a year earlier to 3 after the figure moved from 4 in November 2012 to 3 in November 2013.
New home closings were 3 out of the 123 total closings, down on a percentage basis from 5 of 121 a year earlier. Following a decline in November year-over-year, closings of new and existing homes gained year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $630,250, down from $756,600 a year earlier. This followed a 5.7% rise in November year-over-year.
The average mortgage size went down to $427,950 from $656,114 a year earlier. Average mortgage size on new homes went from $592,000 in November 2012 to $577,540 in November 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 December 2013.