New home sales in California slipped again in June, according to the latest report from the state's builders.
The monthly report compiled by Hanley Wood Building Intelligence for theCalifornia Building Industry Association found that state-wide, new homessales were down 36% in June, when 2,454 deals on single-family houses andcondominiums went to settlement. Last June, 3,848 closing were recorded.
On a month-over-month basis, however, sales were up 2.7% from May, when 2,399 new units were sold in the state.
On a year-over-year basis, though, single-family home sales fell 17%, while townhouse sales were off by 57%. Condo sales declined by 67%. Jonathan Dienhart, director of published research for the Costa Mesa-based HWMI, said the figures for June were a continuation of the most recent downward slump in housing.
"We're still in the doldrums," Dienhart said. "The summer of 2010 is looking to be an extended hangover from the federal tax credit expiration and ongoing economic strife. Until the job market turns around and distressed property sales subside, it will be hard for California's new-home market to show meaningful signs of recovery."
Liz Snow, CBIA's president, said she was encouraged by the May-to-Juneincrease in sales. But she, too, said that her members "continue to struggle" in the wake of the poor labor market. "Until consumers become more confident in their job security and job prospects, we don't anticipate they'll be rushing out to buy a home," she said.
