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by CareyBot

New-home sales dropped 27.8 percent in July compared to July 2006, the California Building Industry Association reported today, and new single-family sales fell 20.3 percent, with median new-home prices dropping 4.8 percent and median new single-family home prices falling 8.6 percent. Eleven of 29 regions in California had double-digit percentage declines in median new-home prices in July compared to July 2006, according to the latest CBIA/Hanley Wood Market Intelligence New Home Sales and Pricing Report, with data not available for three regions. And 10 of 29 regions had double-digit-percentage drops in the median price of new single-family homes in July 2007 compared to the same month last year, with data unavailable for four regions, according to the report. Among those markets with 100...