New Home Sales Up

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(Sacramento, CA)
Friday, July 11, 2008

The Gregory Group says home builders sold just under 1,500 homes between April and June in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties. That compares to a little more than 1,300 sold during the first quarter. 

Greg Paquin heads The Gregory Group. 

"It’s the first uptick we’ve seen in possibly five, six quarters which I think is showing that there’s a beginning of some stabilization in the new home market within the Sacramento region." 

He says proof of stabilization includes a drop in unsold inventory, a slight decrease in the average home price and fewer incentives offered by homebuilders.

But even with the second quarter increase, new home sales for the year are still on track to fall well below last year’s levels.