Industry News

Builders’ group reports 45% sales drop in California

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New-home sales dropped 45.4 percent year-over-year in September, the California Building Industry Association and Hanley Wood Market Intelligence reported Wednesday, while median prices dropped 9.7 percent. The median price of all new homes -- including single-family, townhomes, multiplexes and condos -- was $402,900 in September, down from $445,990 in September 2006. The median price for new single-family homes dropped 12.1 percent, from $452,990 in September 2006 to $398,060 in September 2007. Single-family new-home sales dropped 39.4 percent, from 4,225 in September 2006 to 2,561 in September 2007. Jonathan Dienhart, director of published research for HWMI, said in a statement, "The problems relating to credit availability don't seem like they will be resolving themselves in the near future. Until we have stabilization in the broader market of real estate-backed securities, access to financing will remain restrictive for many potential home buyers." He added, "Many wou...