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MICHIGAN HOMES SALES PACE LEVEL WITH 1990 ACTIVITY

 MICHIGAN HOMES SALES PACE LEVEL WITH 1990 ACTIVITY
 LANSING, Mich., Dec. 30 /PRNewswire/ -- Overall, Michigan's


residential real estate market is managing to keep its head above water, despite concerns about the economy. Sales of existing, residential homes in Michigan for 1991 continued to maintain a healthy pace last month, according to the latest figures released by the Michigan Association of Realtors(R).
 Sales activity January through November 1991 is nearly level with the same period last year. Fueling home sales are mortgage interest rates which are at a 17-year low. But local conditions vary dramatically, depending on the impact of the economic downturn in individual areas.
 According to the Michigan Association of Realtors, total home sales in the 20 areas monitored are down just 1.5 percent from a year ago. The average price of $88,641, up 6 percent over 1990 prices, is another indication of the state's overall stable housing market. Prices have remained well within reach of the average home buyer, while still providing a good return on their investment for the seller.
 "We believe that the first solid indication of economic recovery will result in a sharp increase in home sales next year," said Al Rietberg, president of the 23,000-member Realtor association. "We are very optimistic that, with affordable interest rates and the pent-up demand in the marketplace, 1992 will be a banner year. But this will occur only if consumers believe the recession is behind us."
 According to economists with the National Association of Realtors, the interest rate for a fixed-rate, 30-year mortgage could drop as low as 8 percent during the first part of 1992, providing more vitality in the home resale market and helping to boost consumer confidence early on in the new year.
 MICHIGAN ASSOCIATION OF REALTORS RESIDENTIAL SALES DATA
 November 1991
 1990 1991
 Jan-Nov Jan-Nov Percent
 Board No. Sales No. Sales Change
 Alpena, Alcona, Presque Isle
 Board of Realtors 200 200 0.00
 Ann Arbor Area Board
 of Realtors 2,197 2,383 8.47
 Battle Creek Board of Realtors 1,241 1,084 -12.65
 Downriver Board of Realtors 3,019 2,461 -18.48
 Flint Board of Realtors 2,744 3,541 29.05
 Grand Rapids Association
 of Realtors 6,961 6,848 -1.62
 Greater Lansing Board
 of Realtors 5,209 4,483 -13.94
 Holland Board of Realtors 1,133 1,089 -3.88
 Jackson Board of Realtors 1,547 1,148 -25.79
 Kalamazoo Board of Realtors 3,864 3,842 -0.57
 Livingston County Association
 of Realtors 1,289 1,379 6.98
 Macomb County Association
 of Realtors 12,817 13,167 2.73
 North Oakland County Board
 of Realtors 2,312 2,291 -0.91
 Rochester Board of Realtors 2,156 2,003 -7.10
 Saginaw Board of Realtors 1,390 1,451 4.39
 Shiawassee County
 Board of Realtors 262 233 -11.07
 South Oakland County Board
 of Realtors 3,726 3,605 -3.25
 Southwestern Michigan
 Association of Realtors 2,370 2,008 -15.27
 West Central Board of Realtors 148 158 6.76
 Western Wayne-Oakland County
 Board of Realtors 15,267 15,456 1.24
 TOTALS 69,852 68,830 -1.46
 1990 1991
 Jan-Nov Jan-Nov Percent
 Avg. Price Avg. Price Change
 Alpena, Alcona, Presque Isle
 Board of Realtors $48,500 $53,188 9.67
 Ann Arbor Area Board
 of Realtors $121,308 $130,035 7.19
 Battle Creek Board of Realtors $55,821 $58,055 4.00
 Downriver Board of Realtors(a) $68,113 $67,076 -1.52
 Flint Board of Realtors(b) $62,926 $67,562 7.37
 Grand Rapids Association
 of Realtors $77,761 $80,696 3.78
 Greater Lansing Board
 of Realtors $71,989 $75,169 4.42
 Holland Board of Realtors $84,109 $91,142 8.36
 Jackson Board of Realtors $62,876 $64,425 2.46
 Kalamazoo Board of Realtors $70,952 $75,989 7.10
 Livingston County Association
 of Realtors $115,066 $115,103 0.03
 Macomb County Association
 of Realtors $82,678 $89,396 8.12
 North Oakland County Board
 of Realtors $90,758 $96,830 6.69
 Rochester Board of Realtors $128,704 $135,291 5.12
 Saginaw Board of Realtors $58,469 $63,065 7.86
 Shiawassee County Board
 of Realtors $48,593 $53,122 9.32
 South Oakland County Board
 of Realtors $82,576 $85,812 3.92
 Southwestern Michigan
 Association of Realtors $76,498 $77,684 1.55
 West Central Board of Realtors $47,761 $48,341 1.21
 Western Wayne-Oakland County
 Board of Realtors $95,633 $100,491 5.08
 TOTALS $83,780 $88,641 5.80
 1990 1991
 Nov Nov Percent
 Sales Sales Change
 Alpena, Alcona, Presque Isle
 Board of Realtors 21 17 -19.05
 Ann Arbor Area Board
 of Realtors 170 150 -11.76
 Battle Creek Board of Realtors 95 89 -6.32
 Downriver Board of Realtors(a) 235 172 -26.81
 Flint Board of Realtors(b) 298 255 -14.43
 Grand Rapids Association
 of Realtors 435 443 1.84
 Greater Lansing Board
 of Realtors 439 320 -27.11
 Holland Board of Realtors 90 87 -3.33
 Jackson Board of Realtors 109 75 -31.19
 Kalamazoo Board of Realtors 240 246 2.50
 Livingston County Association
 of Realtors 98 123 25.51
 Macomb County Association
 of Realtors 816 873 6.99
 North Oakland County Board
 of Realtors 169 168 -0.59
 Rochester Board of Realtors 177 131 -25.99
 Saginaw Board of Realtors 107 127 18.69
 Shiawassee County Board
 of Realtors 26 26 0.00
 South Oakland County Board
 of Realtors 290 245 -15.52
 Southwestern Michigan
 Association of Realtors 211 162 -23.22
 West Central Board of Realtors 14 12 -14.29
 Western Wayne-Oakland County
 Board of Realtors 948 987 4.11
 TOTALS 4,988 4,708 -5.61
 -0- 12/30/91
 /CONTACT: Janis Haskell of Michigan Association of Realtors, 517-372-8890/ CO: Michigan Association of Realtors ST: Michigan IN: SU: RLE


SB -- DE005 -- 2804 12/30/91 10:10 EST
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