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Monday, September 15, 2008

 

CA New Home Sales Drop 57 Percent In July


Besides the bad news on Wall Street ...

The following was announced today by the California Building Industry Association:
SACRAMENTO – Sales at California new-home communities in July remained well below levels seen a year ago, the California Building Industry Association reported today.

The monthly CBIA/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report showed that new home sales in July were 57 percent below July 2007. The decline was similar to the 58 percent year-over-year drop seen the month prior, and is a testament to the ongoing weakness in California housing market conditions. During July, 2,348 homes and condominiums were sold in the subdivisions tracked by Costa Mesa-based HWMI, compared to 5,437 in July 2007. During the current period, sales of single family homes were off by 54 percent, while sales of townhomes and “plexes” – duplexes, triplexes, etc. – were down 50 percent and sales of condominiums were down by nearly 67 percent.

Non-seasonally adjusted total new home sales in July were 13 percent lower than levels seen in June, whereas the same month-to-month change a year ago was a decline of more than 15 percent. The median price of homes sold compared to last month was nearly unchanged at $369,991.

Click to e-mail TJ Sullivan in LA
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