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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