California new-home sales rise 25 percent

Sales in new-home communities of 10 units or more in California rose 25 percent in October compared with a year ago, according to the monthly California Building Industry Association (CBIA)/HanleyWood Market Intelligence report.  The increase marked the first year-to-year sales appreciation since December 2006, according to CBIA.  Sales of single-family homes increased 4 percent, while sales of townhomes and multiple-unit homes rose 36 percent.  Condominium sales increased 94 percent compared with a year ago, according to the report.

“While this month’s figures are encouraging, we must keep in mind that we’re comparing the figures to October of 2008, which was the second lowest month of nominal sales we’ve seen during the downturn,” said Jonathan Dienhart, director of published research for HanleyWood Market Intelligence.

 

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