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Local new homes sales plunge in July
By: North County Times | ∞
NORTH COUNTY -- Sales of new homes in San Diego County plummeted by almost 50 percent in July from the same month a year ago, the second sharpest decline among California metropolitan areas, according to a study released Wednesday.
Statewide, new home sales declined by 27.8 percent in July from a year earlier, according to a monthly report prepared for the California Building Industry Association.
In San Diego County, sales of new homes dropped to 498 homes from 945 in July 2006, according to the CBIA/Hanley Wood Market Intelligence New Home Sales and Pricing Report. Only the Stockton region, where sales fell by 53.6 percent, had a larger decrease.
The median price for all categories of new homes in San Diego County rose by 8.3 percent to $460,000 compared with a year ago. However, prices in July declined by about 4 percent from $480,000 in June.
"Homebuilders are doing everything they can to move their inventory, but the demand for concessions and incentives in this down market makes staying profitable a significant obstacle," said Steve Smiley, a senior managing director with Hanley Wood, said in a statement. "With the recent tightening of credit standards, it's made an already challenging situation that much more difficult."
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