Money & Company

Tracking the market and economic trends
that shape your finances.

« Previous Post | Money & Company Home | Next Post »

Decline in sales of new apartments, condos and 'plexes remains steady, study finds

August 10, 2009 |  4:49 pm

Sales of new homes in subdivisions of 10 units or more were 26% lower this June than a year earlier -- the same level of decline as in May, the California Building Industry Association said in a monthly report.

The "New-Home Sales and Pricing Report," conducted by the association and consulting firm Hanley Wood Market Intelligence, reports changes in new home sales year-over-year and for consecutive months.

This June, 2,607 new homes and condominiums were sold in housing complexes tracked by Hanley Wood, based in Costa Mesa. In June 2008, the firm reported 3,528 homes sold in developments of 10 units or more.

Single-family home sales were down 38%, and sales of townhouses, duplexes and triplexes were down 16%, the report said. Sales of condominiums were up by 9%, it said.

Compared with the same period last year, the median base price of homes sold dropped 5%.

Overall home sales volume last month was about 25% lower than a year earlier, the report said.

-- Nathan Olivarez-Giles