New-home sales, median prices depressed, but declines slowing
September
new-home sales in California continued to remain below levels seen a
year ago, but the year-over-year declines have continued to shrink, the
California Building Industry Association
has reported. The monthly
CBIA/Hanley Wood Market Intelligence New-Home Sales and Pricing Report
showed that sales in new-home communities of 10 units or more were 11 percent below the same month a year ago. Sales of single-family homes were down by 17 percent, while sales of
townhomes and "plexes" -- duplexes, triplexes, etc. -- were down 11
percent and sales of condominiums were 12 percent higher than a year
ago. Compared with the same period last year, the median base price of homes sold dropped by 6 percent. In the San Bernardino-Ontario-Riverside metropolitan area, new-home
sales dropped 33.1 percent in September, compared to the year-ago
period. Median home prices, however, have begun showing signs
of mediating. While September's median price of $284,740 was down 16.7
percent from September 2008, it was up 1.5 percent from August.
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