No bottom yet for California's new-home market

Real estate roundup

Sales of new California homes slide 44%
The pace of home sales at California new-home communities continued to remain slow in April, but year-over-year sales declines shrunk slightly for another consecutive month, the California Building Industry Association reported today.

The monthly CBIA/Hanley Wood Market Intelligence report showed that new-home sales in April were 44 percent below April 2007. While a significant decline, the drop is an improvement from the year-over-year decline of nearly 49 percent in March.