Average new-home prices rise 39% in California

Population increase and land supply are two of the strongest reasons for home price increases.

Meritage Homes Corp. today announced a new records for its new orders and closings. CEO John R. Landon reports strong demand for Meritage's homes in the several states in which it builds. Compared to Arizona and Nevada, California has risen higher. 'Rising population and housing demand, combined with a restricted land supply, are pushing prices higher in the California market. In our California division, the average price of homes ordered during the first quarter 2005 increased 39 percent over the first quarter a year ago. We attribute this increase to several premium-priced communities in California that were either not open for sales a year ago or which had significant increases in sales rates over last year and to generally increasing pricing levels.'

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