Printer Friendly

MARKET CONDITIONS OFFER UNPRECEDENTED OPPORTUNITIES FOR FIRST-TIME BUYERS

 MARKET CONDITIONS OFFER UNPRECEDENTED
 OPPORTUNITIES FOR FIRST-TIME BUYERS
 LOS ANGELES, Dec. 9 /PRNewswire/ -- Local home sales slowed down during November, but a trade organization says first-time buyers have benefitted.
 When the housing market was booming two years ago, prices were too high for many first-time homebuyers to even think about buying a single-family house. Condominiums were the way to enter the real estate market.
 But with interest rates at their lowest level in more than a decade, a huge inventory of unsold homes, and buyers offering reasonable prices, a growing number of first-time buyers are snatching single-family, detached housing, according Steve Owen. Owen is president of the San Fernando Valley Board of Realtors.
 The board reports 759 sales during November in the Valley. Single-family homes captured nearly 79 percent of the sales total.
 Single-family home prices also moderated during November, with the median of $227,500 up only 1.1 percent from a year ago. The condominium median price was $140,000.
 Uncertainty over the economy keeps the inventory of unsold home high, Realtors report. The inventory is falling from record high levels reported earlier this year, but there are still 13,096 properties listed for sale in the San Fernando Valley.
 SAN FERNANDO VALLEY
 BOARD OF REALTORS
 November 1991
 Combined Residential Housing
 Resale Statistics
 Total Average Median New Active
 Sales Price Price Lists Lists
 Nov 1991 759 $259,900 $205,000 1,917 13,096
 Nov 1990 817 $245,800 $200,000 2,146 12,401
 Change -58 $14,100 $5,000 -229 695
 1990-91 -7.1 pct 5.7 pct 2.5 pct -10.7 pct 5.6 pct
 Oct 1991 791 $255,800 $208,000 2,792 13,960
 Change -32 $4,100 $-3,000 -875 -864
 Oct/Nov -4.0 pct 1.6 pct -1.4 pct -31.3 pct -6.2 pct
 -0- 12/9/91
 /NOTE: A full-text press release with additional charts is available via fax or computer modem by contacting David Walker, 818-222-1335. For telephone or live interviews call Steve Owen, president, 818-372-0681, or Jim Link, executive vice president, 818-786-2110, ext. 690.
 /CONTACT: David R. Walker of San Fernando Valley Board of Realtors, 818-222-1335/ CO: San Fernando Valley Board of Realtors ST: California IN: SU:


AL -- LA022 -- 0674 12/09/91 15:53 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 9, 1991
Words:382
Previous Article:DAKA APPOINTS NEW VICE PRESIDENT OF VENDING SALES
Next Article:IMCERA'S PITMAN-MOORE ANIMAL HEALTH UNIT ACQUIRES HORSE HEALTH PRODUCTS OF SOUTH CAROLINA
Topics:


Related Articles
RECORD NUMBER OF FIRST-TIME HOMEBUYERS ENTER CALIFORNIA'S HOUSING MARKET
HOUSING AFFORDABILITY DIPS IN WAKE OF RISING RATES
HOUSING AFFORDABILITY SLIPS DUE TO HIGHER INTEREST RATES
NAR: HOUSING AFFORDABILITY IMPROVES DUE TO LOWER MORTGAGE RATES
Home Buying Power Rises in Third Quarter, NAR Says
Encore Monroe open for business. (New Jersey).
Jersey City trophy building sold by C&W for $53M.
CBRE sets apartment record.
Things stirring at Maxwell Place.
Mouseholding the new phenomenon.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters