New single-family home prices fall 8.6% in California 

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 W

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