New home construction is building momentum | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on January 28, 2011

in Buyers, Latest News, Sellers

California homebuilders put up the second-lowest number of homes on record in 2010, posting a modest improvement over the purported bottom that was set in 2009, the California Building Industry Association reported.

New permits for single and multi-family homes in Los Angeles County last year fared better than the state as a whole and showed a jump from 5,653 to 7,465 units, up 32 percent over 2009.

CBIA said just 44,600 permits were issued statewide last year for new homes, apartments, condominiums and townhomes, up 23 percent from 2009, but down 31 percent from 2008, which had held the distinction of the second-lowest total on record with 64,960 permits. Records began being kept in 1954 with the lowest yearly total set in 2009 with 36,420 permits issued.

“While we had hoped for a more robust recovery in 2010, it’s good to see the increase in the number of permits issued, albeit a very modest increase,” said Mike Winn, CBIA’s president and CEO.

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Posted on Irvine Orange County Real Estate Market News

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