4,944 new homes sold in the three months ended in February, down 24% in year. But existing home sales fell 45% in the same period.
New Home Co. opened Monroe neighborhood in South Corona, Calif., in March 2023. Now it’s hard to get giddy when the number of closed purchases for new homes in the six-county region was just 4,944 in the three months ending in February, down 24% in a year, according to CoreLogic. But existing home sales fell 45% in the same period.
That translated to builders’ wintertime share of all local sales was 11.2% vs. 8.4% a year earlier – a gain of 2.8 percentage points. And note that in pre-pandemic 2015-19, builders were just 8.5% of the local sales market.First, they have noteworthy inventory of unsold homes to sell. Existing homeowners have been reluctant to sell in a market dominated by high prices and interest rates.
Plus, builders have been willing to offer steep discounts – often in the form of free upgrades, help with closing costs or buying down the buyer’s mortgage rate.Riverside:San Bernardino:Los Angeles:Orange:Spring ahead Local builders say the spring selling season started relatively briskly, with house hunters willing to sign sales contracts as mortgage rates dipped and the economic outlook seemed less muddy.
In Los Angeles and Orange counties, pending sales were up 11% in February vs. January, according to Zonda. Sales were still 30% below February 2022. In Riverside and San Bernardino counties, pending sales were up 3.4% in February vs. January but down 35% in a year.“February was a tremendous month, with 52 homes sold — marking our largest sales volume for the month in the history of our division.
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