Industry News

California new-home sales fall 55% in November

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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 perce...