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April 13, 2015

NORTH STATE BIA ISSUES MARCH NEW HOME SALES REPORT

Latest Figures Amount to Highest March Sales Since 2008

ROSEVILLE - The North State BIA today announced its highest new home sales tally for the month of March since 2008, with 374 sales. March sales also outpaced February's total of 330 sales, again signalling a resurgence in the region's housing market and the economy more broadly.

Sales Numbers Continue to Rise
"We've had a few months during which our sales have steadily increased, and that certainly is a good indication that the housing market is headed in the right direction," said Barry Grant, Chair of the North State BIA and Northern California Division President of Meritage Homes. "There's no doubt that we're looking at these figures with a measure of caution, but we feel good about what we're seeing."

March Closes Out Highest Q1 Sales Since 2008

Last month also brought to an end the first quarter (Q1) of 2015 and a comparative look at Q1 figures since 2008 shows the region's home building industry is on pace for its best overall year since that time.

"These are the best quarter-ending numbers we've seen in seven years and that puts us in a good position to come close to, if not surpass, 2008's 3,567 new homes sold," Grant said. "We are still off the pace we experienced in the early and mid-2000's, but the bottom line is we're growing."

Traffic Figures Rise

The North State BIA's New Home Sales Report also maintains a database of traffic figures, which represent the actual number of prospective buyers who visited a new home community. For March, as with the new home sales tally for the month, traffic figures were recorded at their highest for this month in seven years.

"More and more consumers realize the low interest rates available to them now won't last forever, and we feel that's likely the number one reason that's driving our traffic numbers," said Michael Strech, President and CEO of the North State BIA. "The other reason for the increased traffic is people feel empowered by the economic recovery and more confident in their own individual financial situations. I think we'll continue to see greater numbers of potential home buyers checking out what the market has to offer, especially as we enter the traditionally busier summer months."

New Home Sales by Region

The North State BIA's monthly New Home Sales Report is compiled through a collaborative effort between association staff and home builders, who provide weekly reports based on escrow closings. As such, the sales report provides a comprehensive snapshot of new home sales by region, which can be found below.

"There are no surprises to speak of when we look at the sales data from a regional perspective, with Placer County yet again setting the pace," Strech said. "That being said, each of the regions we track have shown consistent growth over the last several months and we expect that trend to continue."

Price Point Data

As part of its monthly sales analysis, the North State BIA also records the price points for new homes sold. The March price points for new home sales can be examined in the chart below.

Looking Ahead
"Another encouraging month of sales adds up to a boost for our industry and the regional economy," Grant noted. "There's no question we're excited about what the future holds and we feel confident the upward trend in sales will continue.

About the North State BIA
The North State BIA is the leading advocate for the home building industry in the greater Sacramento region. Representing nearly 500 members, including 35,000 industry jobs, the North State BIA is committed to preserving and furthering the economic interests of its members, while also working to enhance the industry's standing as a significant contributor to the regional economy.

For media inquiries, please contact Ioannis Kazanis at 916-751-2741 or ioannis@northstatebia.org

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North State BIA | | ioannis@northstatebia.org | 1536 Eureka Road
Roseville, CA 95661