California new-home sales fall 31% in 2007

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New-home sales dropped 31.1 percent in 2007 compared to the prior year in California and the median price of new homes dropped 3.8 percent, the California Building Industry Association and Hanley Wood Market Intelligence reported today. The median price for all types of new homes fell more than 10 percent year-over-year in six metro areas tracked in the report. Prices dropped most dramatically in the Santa Rose-Petaluma, Calif., metro area, falling 20.2 percent in 2007 compared to the prior year. The median new-home price dropped 15.1 percent in the Santa Cruz-Watsonville metro area, 13.5 percent in the Oxnard-Thousand Oaks-Ventura area, 11.7 percent in the Merced area and 10.6 percent in both the Madera and Fresno areas from 2006 to 2007. Prices rose 13.1 percent in the Colusa County and Glenn County area, 11.7 percent in the Chico area and 7.3 percent in the Santa Ana-Anaheim-Irvine area in 2007 among all new-home types. The statewide median new-home price was $434,990 in 2007, and ...