Industry NewsMarkets & Economy

California’s new-home sales turn positive

Median base price of homes down 4% from last year

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For the first time since December 2006, there was a year-over-year rise in the monthly count of new-home sales in California, according to the California Building Industry Association. The association's monthly CBIA/Hanley Wood Market Intelligence (HWMI) New-Home Sales and Pricing Report showed sales in new-home communities of 10 units or more were 25 percent above October 2008. New-home and condominium sales rose to 2,294 this year from 1,838 last year.Condominium sales were up a whopping 94 percent, townhomes and "-plexes" -- duplexes, triplexes, etc. -- were up 36 percent, and sales of single-family homes were up 4 percent. The San Francisco Bay Area led the change with a more than 100 percent increase in new-homes sales in the San Francisco, Peninsula and Silicon Valley areas. The rise represents the first notable increase since the start of the housing downturn. HWMI's director of published research, Jonathan Dienhart, said in a statement that the numbers must ...