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File Photo: Home for sale.
New home sales took a hit nationwide, falling by a little more than 2 percent from July to August of this year.
That number means the last 16 months have been the worst 16 months in history for new home sales.
Sales of new homes in the Southland were hit even harder says, says Andrew LePage, an analyst with DataQuick, an analytics firm in San Diego.
"In August of this year, 1,184 newly built homes closed escrow in the six county Southern California area," says LePage. "And that was down 14.3 percent from a year ago."
The national average was down 13.9 percent.
LePage says that's because the market is flooded with lower-cost resale properties and banks are unwilling to lend to would-be buyers.