Census Report Confirms Nationally Tight Housing Market

"The rate of homeownership as well as the national vacancy rates were statistically unchanged in the first quarter of this year, and prices, especially for rentals, have responded as might be expected."

Today's Rates:

30 Yr FRM 4.65%

15 Yr FRM 4.03%

FHA 30 Year Fixed 4.47%

Jumbo 30 Year Fixed 4.70%

5/1 Yr ARM 3.80%

From Pacific Union International Chief Economist Selma Hepp – April 13, 2018

"Napa County's housing market activity in the first quarter of 2018 got off to a strong start. Both January and February sales jumped above activity during the same time last year yet pulled back in March, which was driven by slower sales of homes priced below $1 million. By contrast, higher-priced sales saw stronger activity this year when compared with last year’s first quarter. The average price paid per square foot increased by 14 percent from last March.

The increase in price paid per square foot illustrates that more buyers are in the market and face greater competition. The share of homes that sold for more than asking price increased from the same period last year, with about four in 10 homes receiving premiums. A lack of homes for sale is an issue that is gaining ground in Napa County, with first-quarter inventory declining by about 6 percent year over year.

Looking Forward: The spring homebuying season should remain on par with last year, as more sellers list their homes and sunny spring days bring out more buyers. Inventory constraints are challenging and will impact home sales going forward. Nevertheless, rising interest rates and anticipation of additional increases in 2018 may trigger more Napa County buyers to enter the market sooner rather than later."