New Homes Sales Up

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(Sacramento, CA)
Wednesday, October 6, 2004
This nine-month tally from the Building Industry Association is a positive one. However, the third quarter sales were 24% below the same period last year. From that perspective, it wasn’t a good summer. One analyst, John Schleimer, noted that the region has no job growth and the double-digit price increases might finally be having a chilling effect. The average local home price has jumped 19% this year. Another analyst, Greg Paquin, points out that sales will simply be returning to a normal level, after years of overheated activity. All eyes in the industry are on the fourth-quarter activity.