Southern California builders sold 13% more homes in July than a year ago as prices fell 8%.
CoreLogic reported 1,719 newly built homes were sold in the six-county region vs. 1,516 a year earlier. Builders' 13% sales increase far outpaced the region's 3% rise for resales of existing homes.
This meant local builders grew their market share: New homes were 7.8% of July sales regionally vs. 7.1% a year earlier.
As for cost comparisons, Southern California's new homes had a median selling price of $554,000, down 8% over 12 months. Compare that with the median for all homes sold: $540,000, a 2% increase in a year.
New homes often sell for more than a typical residence. Across Southern California, July's new-home median was 2.6% higher than the mid-point price for all residences sold. This gap varies across the region from Los Angeles County's 5% to San Bernardino County's 38% with Orange County (23%); San Diego County (21%); Riverside County (10%); and Ventura County (8%) in between.
Here's how new-home sales broke down by county in July with sales up in three and prices up in five:
Los Angeles County: 318 — up 18% in a year. Median: $668,250 — up 0.49% in a year. Builders' share: 4.6% of sales vs. 3.9% a year earlier.
Orange County: 220 — down 37% in a year. Median: $894,250 — down 12% in a year. Builders' share: 6.8% of sales vs. 10.6% a year earlier.
Riverside County: 533 — up 30% in a year. Median: $434,250 — up 1% in a year. Builders' share: 13.1% of sales vs. 10.9% a year earlier.
San Bernardino County: 260 — up 13% in a year. Median: $470,000 — up 0.27% in a year. Builders' share: 9.2% of sales vs. 8.4% a year earlier.
San Diego County: 356 — up 62% in a year. Median: $701,250 — down 1% in a year. Builders' share: 8.9% of sales vs. 6.1% a year earlier.
Ventura County: 32 — down 14% in a year. Median: $640,500 — down 1% in a year. Builders' share: 3.2% of sales vs. 3.9% a year earlier.
