Business Journal: Home Sales Up Slightly

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(Sacramento, CA)
Monday, July 17, 2006

The figures show that new home sales in the Sacramento region jumped nicely in the 2nd quarter, 51% higher than the first three months of the year. But all year they’ve been running well behind 2005’s sales figures. 

Analyst Greg Paquin notes that the average concession from builders to new home buyers climbed to $15,000 in the 2nd quarter. Another analyst attributes the continuing slow market to sticker shock prices, rising interest rates, and lenders are cutting back on the seductive mortgages that allowed buyers to perhaps overextend themselves.