SoCal builders sold 13 percent more homes in July than 2018 as prices fell 8 percent. CoreLogic reported 1,719 newly built homes were sold in the 6-county region vs. 1,516 a year earlier. Builders’ 13 percent sales increase far outpaced the region’s 3 percent rise for resales of existing homes. This meant local builders grew their market share. New homes were 7.8 percent of July sales regionally vs. 7.1 percent a year earlier.
As for cost comparisons, SoCal’s new homes had a median selling price of $554,000, down 8 percent over 12 months. Compare that with the median for all homes sold: $540,000, a 2 percent increase in a year. New homes often sell for more than a typical residence.
Across SoCal, July’s new-home median was 2.6 percent higher than the midpoint price for all residences sold. This gap varies across the region from Los Angeles County’s 5 percent to San Bernardino County’s 38 percent — with Orange County (23 percent), San Diego County (21 percent), Riverside County (10 percent) and Ventura County (8 percent) in between.
Here’s how new-home sales broke down by county in July, with sales up in 3 and prices up in 5.
• L.A. County: 318 up 18 percent in a year. Median: $668,250 — up 0.49 percent in a year.
L.A. Builders’ share: 4.6 percent of sales vs. 3.9 percent a year earlier.
• OC: 220 — down 37 percent in a year. Median: $894,250 — down 12 percent in a year.
Builders’ share: 6.8 percent of sales vs. 10.6 percent a year earlier.
• Riverside County: 533 up 30 percent in a year. Median: $434,250 up 1 percent in a year.
Builders’ share: 13.1 percent of sales vs. 10.9 percent a year earlier.
• San Bernardino County: 260 — up 13 percent in a year. Median: $470,000 — up 0.27 percent in a year.
Builders’ share: 9.2 percent of sales, vs. 8.4 percent a year earlier.
• San Diego County: 356 — up 62 percent in a year. Median: $701,250 — down 1 percent in a year.
Builders’ share: 8.9 percent of sales, vs. 6.1 percent a year earlier.
• Ventura County: 32 — down 14 percent in a year. Median: $640,500 — down 1 percent in a year.
Builders’ share: 3.2 percent of sales, vs. 3.9 percent a year earlier.
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Kurt Galitski
Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecutive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677
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