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FOURTH QUARTER NEW HOME SALES AND INVENTORY FIGURES RELEASED FOR ORANGE COUNTY

 FOURTH QUARTER NEW HOME SALES AND INVENTORY FIGURES
 RELEASED FOR ORANGE COUNTY
 NEWPORT BEACH, Calif., Jan. 9 /PRNewswire/ -- New home sales in Orange County are up 2 percent for the fourth quarter (October - December) from last year and inventory fell 20 percent according to the Competitive Housing Market Report just released by The Meyers Group, an independent market research and consulting firm.
 "New home sales exceeded 1990 levels by 6 percent in Orange County, which is a positive indication that the market has bottomed out and should begin to rebound," commented Jeff Meyers, president of The Meyers Group.
 A total of 1,085 new homes sold in Orange County this quarter, which is a 29 percent decrease from the third quarter and inventory dropped by 2 percent to 2,683 units. Based on the current absorption rate, there is slightly more than a four-month supply of new housing in the county.
 "Inventory levels are very healthy at this point, especially considering the condo-conversions released this quarter. The Mandevilla and Shadow Canyon condo-conversions in Tustin Ranch have been selling very well. Although interest rates are extremely low, the biggest obstacle builders face at this time is consumer confidence," Meyers said.
 The median base price of single-family homes decreased 1 percent from last quarter to $323,950 and condominium prices remained virtually equivalent to the third quarter at $185,500.
 The Meyers Group is an independent market research and consulting firm which serves the real estate industry in the Western United States. The Competitive Housing Market Report is a quarterly publication.
 -0- 1/9/92
 /CONTACT: Jeff Meyers or Trish Cannady of The Meyers Group, 714-644-2055/ CO: The Meyers Group ST: California IN: FIN SU:


EH-KJ -- LA028 -- 8331 01/09/92 15:14 EST
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Publication:PR Newswire
Date:Jan 9, 1992
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