New-home sales plummeted 54.6 percent in California and the statewide median price fell 7 percent in November compared to the same month in 2006, according to a report released Tuesday by the California Building Industry Association and Hanley Wood Market Intelligence.
Sales of all new-home types in the state dropped from 6,536 in November 2006 to 2,968 in November 2007, according to the report, and fell 72.8 percent in the San Diego-Carlsbad-San Marcos market, dropping from 687 sales in November 2006 to 187 in November 2007. New single-family home sales in the San Diego market area dropped 53.2 percent, while condominium sales slumped 82.7 percent year-over-year in November 2007.
Among those California market areas with more than 100 new-home sales in November 2007, the Los Angeles-Long Beach-Glendale market area dropped 64.2 percent compared to November 2006 new-home sales; Bakersfield sales fell 56.9 percent; the Riverside-San Bernardino-Ontario market dropped 53.5 percent; the Sacramento market was down 53.3 percent; Oakland-Fremont-Hayward dropped 46.5 percent; and sales in the Fresno market dropped 24.4 percent.
The median price of new single-family homes in the state dropped 12.2 percent, from $455,790 in November 2006 to $399,990 a year later, the report states.
Among those markets with more than 100 new single-family home sales in November 2007, the median new single-family home price dropped 10.6 percent in the Fresno market, 10.3 percent in the Riverside market, 7.5 percent in the Sacramento market, and 2.1 percent in the Bakersfield market while rising 1.1 percent in the Visalia-Porterville market and 13 percent in the Oakland-Fremont-Hayward market.
“The market has not reached a turning point,” said Jonathan Dienhart, director of published research for Hanley Wood Market Intelligence, in a statement. “With sales declines continuing and inventories building, thanks in part to the ongoing problems in the credit markets and poor consumer confidence, we are not likely to see signs of recovery any time soon.”
New condo sales dropped 70.3 percent statewide, falling from 1,386 in November 2006 to 412 in November 2007. The median price of condos rose 19.6 percent, from $382,900 in November 2006 to November 2007.
Sales of new townhomes and plexes in the state dropped 39.2 percent year-over-year in November, with the median price sinking 9.4 percent.
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