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CALIFORNIA SALES, BACKLOG PICK UP
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New homes in submarkets close to job centers show signs of recovery in Northern and Southern California. Company Removed, Company Removed, Company Removed and Company Removed all report an upsurge of sales.
Golden State builders are relatively chipper with recent sales. More than 40,000 home sales and resales took place last month in California, which is a 5% jump from May 2009. The median price for a home in the state rose about 10% to roughly $280,000. Keep in mind that because of few new starts in the West, buyers are surprised to find price increases and builders refusing lowball offers, especially in communities close to a solid job market. Misinformed by the media, shocked prospects walk away having missed the bottom by nine to 12 months. SoCal is made up of countless sub-markets all working independently from one another and many experts believe the Inland Empire has a difficult road ahead due to high unemployment and a glut of inventory. Chances are the more expensive Orange County coastal communities will improve as consumer confidence increases, however, because of the continuing presence of short sales and foreclosures, pricing will remain low. But, May 2010 prices in Southern California were up a whopping 20% compared to May 2009. Many prime Northern California job hubs such as the Silicone Valley and San Francisco are also seeing sales pick up due to healthy business growth in the area.
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builders, foreclosures, glut of inventory, high unemployment, home sales, Inland Empire, job centers, job market, lowball offers, median price for a home in California, New homes, Orange County coastal communities, recent sales, resales, short sales, signs of recovery, Silicone Valley, upsurge of sales |
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Crittenden BuildersReport
delivers the latest news and analysis in homebuilding, covering a range of topics from home sales and design to financing and distressed deals. The report provides the strategies and goals of public and private builders, as well as land merchants and master plan developers. Receive advanced information on what projects will work in the upcoming year and who will buy them.
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