Industry News

California new-home sales tumble 45% in August

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California new-home sales dropped 44.7 percent in August compared to the same month last year and the median new-home price dropped 7.6 percent statewide, the California Building Industry Association reported this week. In Southern California, sales of new and previously owned homes dropped 48.5 percent and the median price dropped 4 percent in September compared to September 2006, according to a separate report by real estate research company DataQuick Information Systems. And sales of new and resale homes in the San Francisco Bay Area dropped 40.1 percent from September 2006 to September 2007, while the median price climbed 0.8 percent, DataQuick reported. The Riverside metro area had the largest number of new-home sales in August 2007, at 854, the California Building Industry Association reported. But the sales total was 50 percent lower than in August 2006. Among other markets with more than 100 sales in August 2007, sales dropped 54.2 percent in the Los Angeles metro area, 53.8 pe...