Report shows increase in median price of new homes

Monday, Sept. 19, 2005 | 11:22 a.m.

The median price of a new house in August was $321,550, up 23.8 percent from the $259,700 price for new homes at the same time last year, Home Builders Research Inc. reported. There were 3,711 recorded new home sales (escrow closings) in August, bringing the annual total to 23,709.

The resale median price in August was $282,000, a year-to-year increase of $32,000, or 12.8 percent.

The median price of apartment-to-condo conversions in August was $174,000, Home Builders Research reported. The market share for apartment conversions in 2005 is almost 17.6 percent, meaning more than one out of every six new home closings in August was an apartment conversion.

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