New home sales at historic low. 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, according to a recent report from the California Building Industry Association (CBIA).
"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."
During August, 2,617 new homes and condominiums were sold in the subdivisions tracked by Hanley Wood Market Intelligence (HWMI), 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.
ZIP Code: 91301 Approximate Location Boundaries: Calabasas and Westlake Village, North West Los Angeles County
Location Characteristics: Beautiful planned community between Los Angeles and Santa Barbara.
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