New homes: $168k: County's median price half that of California

By J.N. Sbranti

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New homes in Stanislaus County cost less than half as much as those sold elsewhere in California. At least they did during August, but that was an unusual month.

The median new-home price was $168,490 in Stanislaus and $369,721 in California during August, just-released data from the California Building Industry Association shows.

Stanislaus' August price was about $100,000 below what new homes had been selling for most of this year. Here's why: The 56 homes sold in August were significantly smaller than normal — just 1,625 square feet on average.

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PDF: Home sales and median sale prices

Overall this year, Stanislaus' homes have averaged 2,095 square feet, according to Hanley Wood Market Intelligence, which gathers data for the building association.

Statistics show a disproportionate number of small, inexpensive homes were sold in Oakdale (26 under $200,000), Patterson (six under $150,000) and Newman (three under $150,000).

"There were 23 sales in Taylor Morrison's Carriage Lane at Bridle Ridge (in Oakdale), which is priced at $144,990 to $189,990," said Jodi Bice, marketing manager for Hanley Wood. She said those homes dragged down the median sales price for the entire county.

When Carriage Lane's 61-home development opened the summer of 2007, its smallest floor plan had an advertised base price of $271,990. The builder drastically reduced prices as the recession deepened. The August bargains apparently worked because Carriage Lane virtually sold out.

Only two Modesto subdivisions sold any homes during August. Centex Homes' Laredo sold four homes priced above $350,000, and Standard Pacific Homes' Burkshire Estates II sold its last remaining house for under $350,000.

Elsewhere in the Northern San Joaquin Valley, sales were scarce.

Only seven new homes sold in Merced County during August, at a median price of $192,990. In San Joa- quin County, 56 homes sold for a median $282,500.

Throughout California, 2,617 homes sold for a median $369,721.

The sales statistics count single-family homes, town houses, duplexes and condominiums that are in developments with 10 units or more. Individual custom homes built on private lots or very small in-fill developments are not included in the statistics.

Bee staff writer J.N. Sbranti can be reached at jnsbranti@modbee.com or 578-2196.