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California new-home market leveling off
Posted: Administrator on Aug 13 | Headlines
The pace of home sales at California new-home communities continued to level off in June, the California Building Industry Association (CBIA) reported this week.
Sales in new-home communities of 10 units or more declined 26 percent in June 2009 compared with a year ago, the same percentage decline as in the prior month, according to the monthly CBIA/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report. Sales of single-family homes declined 38 percent, while sales of townhomes and “plexes”–duplexes, triplexes, etc.–decreased 16 percent, while sales of condominiums increased by 9 percent.
Compared with the same period last year, the median base price of homes sold declined 5 percent.
“This is still the third highest monthly sales total for the year, with all of the highest monthly totals coming in after the tax credit was enacted,” said Robert Rivinius, CBIA’s President and CEO. “We need to keep this positive momentum going if our state hopes to start climbing out of this recession by year’s end, and we hope lawmakers take note of the success of the new home buyer tax credit and grant an extension when they return to wrap up this year’s legislative session. The tax credit has proven to generate new-home sales, and in turn job generating new-home construction, and getting an extension would go a long way towards putting more people back to work and reinvigorating the overall economy.”
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