New Home Sales Decline in February

The pace of all new home sales in California declined 57 percent in February from February 2006 levels, according to the latest data from the California Building Industry Association (CBIA).

A CBIA report showed sales of single family homes dropped by 52 percent in February. Sales of new townhomes and “plexes” declined 48 percent, and sales of condominiums were down 79 percent.

“Broadening economic declines make a housing market recovery that much more difficult,” said Jonathan Dienhart, co-author of the report. “However, for the second consecutive month the year-over-year decline in sales has shrunk slightly. Ideally this trend will continue in coming months and give us a better indication that the worst is finally behind us.”



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