November New-Home Sales Jump in Solano, Down in Alameda-Contra Costa

November New-Home Sales Jump in Solano, Down in Alameda-Contra Costa
East Bay Business Times

New-home sales rose 94 percent year over year in November in Solano County, but were down more than 46 percent in Alameda and Contra Costa counties, according to the latest monthly report by the California Building Industry Association and Hanley Wood Market Intelligence.

New-home communities in the Vallejo-Fairfield metropolitan statistical area reported 103 sales in November, up 94.3 percent from 53 in November 2006 and up 186.1 percent from 36 in October, the report found.

In the Oakland-Fremont-Hayward metropolitan statistical area, which covers Alameda and Contra Costa counties, 261 sales were reported in November, down 46.5 percent from 488 in November 2006 and 23.2 percent from October's 340, CBIA/Hanley Wood reported.

Statewide, 2,968 new houses and condominiums were sold in November, down 54.6 percent from 6,536 sold in November 2006, and down 9.8 percent from 3,292 sold in October, according to the report.

The median base sale price statewide in November was $410,990, down 7 percent from $441,990 in November 2006 but up 2 percent from $402,900 in October. Survey compilers said the small rise was due to the unit mix of homes sold, and was not a genuine rise in pricing.

In the Alameda-Contra Costa area, the median price was $638,919, up 3.1 percent from $619,888 in November 2006 and up 0.9 percent from $633,000 in October. The Solano County median price in November was $462,950, down 19.5 percent from $574,990 a year ago and down 23.9 percent from $607,990 in October.

"The market has not reached a turning point," said Jonathan Dienhart, director of published research for Hanley Wood.

The survey is based on net sales data, or gross contract sales minus cancellations, collected monthly by Hanley Wood from new-home developments larger than 10 units.