The California Building Industry Association (CBIA) reported that new home sales in California remained at historic low levels in August, signaling that the state’s housing sector may be slow to recover from a stubborn recession.
“While there are some encouraging signs in California housing markets, activity remains low,†said CBIA President and CEO Liz Snow. “These reports are evidence that housing markets remain depressed and continue to hamper a broader economic recovery in California.â€
During August, 2,617 new homes and condominiums were sold in the subdivisions tracked by Hanley Wood Market Intelligence compared with 3,001 for the same period a year ago, a 12.8 percent decline. Sales of single-family homes were down by 20 percent, while sales of townhomes and “plexes†– duplexes, triplexes, etc. – were down 35 percent and sales of condominiums were 26 percent higher than a year ago, according to the CBIA report.
Housing is already one of the most subsidized commodities in this country, is it a wonder why housing gets overbuilt?
San Francisco Attorneys
Too many people cannot afford to buy any house let alone new houses. What a mistake we made putting poor people into houses with mortgages they couldn’t afford. Stop building houses and build low income apartments.
Houston Lawyer
I expect it to be challenging for the next year with a recovery starting by next summer. I’m not sure it will be a big bump but there will be more signs of life. We’ll see-the banks still need to sort out all their problems first. Take care.
Los Angeles Medical marijuana
New home sales are picking up at Brookfield Homes, who is starting construction on a new master planned community in Carlsbad, North San Diego County.