Newest Numbers Show Prices of New Homes Climb in Napa, Sales Fall
Posted on: Dec 06, 2013 07:32:30 AM
Closings of new homes in the Napa, CA market dropped year-over-year in September, but the decline was less than the year-over-year decline in August. New home closings moved from 5 a year earlier to 2 after the figure moved from 7 in August 2012 to 1 in August 2013.
New home closings were 3.3% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 145 total closings. For new and existing homes, closings dropped in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $682,000 from $477,300 a year ago. This was on the heels of a 43.4% lift in August year-over-year.
From the year-ago figure of $393,107, the average mortgage size on new homes moved up to $522,500.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in September 2013.