New Home Sales Gain in Napa, Prices Fall According to Recent Data
Posted on: Jul 06, 2014 07:25:19 AM
In the Napa, CA market in April, closings of new homes increased year-over-year, and the increase was greater than March 2014. New home closings moved from 1 a year earlier to 2 after the figure moved from 5 in March 2013 to 9 in March 2014.
A total of 37 new homes were sold during the 12 months that ended in April, up from 36 for the year that ended in March.
New home closings were 2 out of 129 total closings, making up 1.6%. This is up on a percentage basis from 1 of 182 a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $592,500, compared with $619,000 last year. This was on the heels of a 12.6% drop in March from a year earlier.
The average mortgage size went down to $352,250 from $557,000 a year earlier. Average mortgage size on new homes went from $584,815 in March 2013 to $423,171 in March 2014.