Industry News

New single-family home prices fall 8.6% in California

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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 or more home sales for all types of new housing in July 2007, median prices for all home types dropped 13.2 percent in the Sacramento area, 12.6 percent in the Fresno area, 11.5 percent in the Los An...