Napa, CA - Newest New Home Sales Numbers Climb Year-Over-Year in February After Drop Year-Over-Year in January
Posted on: May 07, 2012 09:30:37 AM
Sales of new homes in the Napa, CA market increased year-over-year in February, rebounding from a year-over-year decline in January 2012. New home sales moved from one a year earlier to seven after the figure moved from eight in January 2011 to five in January 2012.
A total of 59 new homes were sold during the 12 months that ended in February, up from 53 for the year that ended in January.
New home sales were seven of the 139 total sales, up on a percentage basis from one of 109 a year earlier. After dropping in January from a year earlier, sales of new and existing homes grew year-over-year in February.
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The average new home price was $393,714, down from $1.3 million a year earlier. This came after a move from $604,313 per unit in January 2011 to $607,250 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Napa, CA - Newest New Home Sales Numbers Climb Year-Over-Year in February After Drop Year-Over-Year in January
Posted on: May 07, 2012 09:30:37 AM
Sales of new homes in the Napa, CA market increased year-over-year in February, rebounding from a year-over-year decline in January 2012. New home sales moved from one a year earlier to seven after the figure moved from eight in January 2011 to five in January 2012.
A total of 59 new homes were sold during the 12 months that ended in February, up from 53 for the year that ended in January.
New home sales were seven of the 139 total sales, up on a percentage basis from one of 109 a year earlier. After dropping in January from a year earlier, sales of new and existing homes grew year-over-year in February.
The average new home price was $393,714, down from $1.3 million a year earlier. This came after a move from $604,313 per unit in January 2011 to $607,250 in January 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2012. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 53.8% of existing home sales. In February 2011, they made up 61.1%. The percentage of existing home sales involving foreclosures went from 29.6% in February 2011 to 30.3% in February 2012 and REO sales as a percentage of existing home sales dipped to 23.5% from 31.5% a year earlier.
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Source: Housing Intelligence