Business Journal: Home Sales Slipping

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(Sacramento, CA)
Friday, October 13, 2006
One number tells it all. New home sales in the Sacramento region were down 46 during July, August and September, compared to the same period in 2005. Meanwhile, the number of new homes or ready-to-build lots on the market doubled, to 4,600. Some new home builders have been offering very large incentives, sometimes hoping just to recoup what they’d put into a house. The prices of new homes slid 5% in most of the region just between the 2nd and 3rd quarters. But not everywhere. The average sales price in El Dorado Hills, the priciest submarket in Sacramento, actually rose to $800,000  during the third quarter – a $60,000 increase.