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SANTA CLARA COUNTY HOUSING SEES A COOL JULY; MEDIAN PRICE HOLDS AS LISTINGS INCREASE, SALES FLATTEN

 SANTA CLARA COUNTY HOUSING SEES A COOL JULY;
 MEDIAN PRICE HOLDS AS LISTINGS INCREASE, SALES FLATTEN
 SAN JOSE, Calif., Aug. 3 /PRNewswire/ -- "July's residential resale market in Santa Clara County showed some numbers that were fully expected," said Glenn Kinsey, president-elect of the San Jose Real Estate Board (SJREB). "The Santa Clara County Multiple Listing Service recorded more new listings than the month before and sales fell by 8 percent, which is what has happened three out of the last four years from June to July.
 "There was a good sign in the condo/townhouse segment, as sales and the median price both increased. This is important because first-time buyers are typically those entering the condo market pushing the sellers into the trade-up market. As the trade-up market picks up, so does the entire housing market."
 The Santa Clara County Multiple Listing Service (MLS) reported 1,168 residential sales for July 1992, which is a decrease when compared with sales reported for June (1,275). July 1991 sales were 1,155. An accepted offer constitutes a residential sale.
 The July median price of housing in Santa Clara County remained $220,000, the same as it was in June. The July 1991 median was $225,000. The median is the midpoint -- half the homes sell for more, half for less.
 The average price of housing in Santa Clara County decreased in July to $251,936 from June's average of $258,796. The average price decreased for the 12-month period from July 1991 when the average was $253,382. The average and median housing figures include single-family homes, condos and townhouses, and mobile homes.
 "There are more listings on the SCCMLS today than at any other time this year and interest rates are at their lowest in two decades," said Kinsey. "In tracking the sales, the end of the month was busier than the beginning of the month. That is a positive sign, although it's natural for people to be looking seriously when interest rates drop. If the interest rates blip up at all, we can expect buyers to jump."
 Total new listings (adjusted for relistings) for July (2,424) increased when compared with June's figure (2,373). July 1991 adjusted new listings were 2,578. The July 1992 relistings total was 693 and is a new statistic now being collected and released by the SJREB.
 There were 8,019 single-family detached homes, condominiums and townhouses in Santa Clara County on the Multiple Listing Service. Of those homes, 14 percent sold, leaving the MLS with a 7.2 month supply of housing in the county.
 "Obviously there is still a lot of concern about the economy," said Kinsey. "The state budget mess and its effect on schools, and county and city budgets is taking its toll. To ease the concern of qualified buyers, several insurance companies are offering job security insurance -- if an insured home owner is laid off, the insurance company picks up the mortgage payments for a preset period of time.
 The average price for single-family detached homes decreased in July to $285,632 from June's $295,072. The figure in July 1991 was $296,165. July's single-family home median price decreased to $241,500 from June's $242,000 price. The July 1991 median was $250,000.
 The average price of condos and townhouses increased to $174,552 from June's average of $172,495. The July 1991 average was $180,691. The median price of condos and townhouses increased to $165,000 from June's median of $160,000. The July 1991 median was $165,000.
 The median sales price for a single-family residence in the City of San Jose increased to $224,000, from June's $222,000. The July 1991 median was $232,350.
 The SJREB is the oldest trade association in California. Established in 1896, it is the second largest real estate board in the state, operating the largest on-line computerized multiple listing service in the nation. Members adhere to the strict National Association of REALTORS Code of Ethics and are involved in a variety of community service activities, including their annual Christmas CanTree food drive that has raised over 300 tons of food for Santa Clara County residents since 1986.
 -0- 8/3/92
 /CONTACT: Glenn Kinsey, 408-266-0430; Diane Brazil, 408-998-7300, ext. 260; or Matt Andersen, 408-998-7300, ext. 264, all of San Jose Real Estate Board/ CO: San Jose Real Estate Board ST: California IN: SU:


MM-DG -- SJ007 -- 6414 08/03/92 19:22 EDT
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Date:Aug 3, 1992
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