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JUNE'S ENTRY-LEVEL HOME BUYERS BRING SALES ACTIVITY UP, MEDIAN PRICE DOWN IN SANTA CLARA COUNTY

 JUNE'S ENTRY-LEVEL HOME BUYERS BRING SALES ACTIVITY UP,
 MEDIAN PRICE DOWN IN SANTA CLARA COUNTY
 SAN JOSE, Calif., July 1 /PRNewswire/ -- "First-time homebuyers forced sales activity up and the median price of a home down in Santa Clara County in June," said Colleen Badagliacco, president of the San Jose Real Estate Board (SJREB). "More escrows opened than in May, and the median went down 3.3 percent.
 "Both trade-up and entry-level buyers are getting some excellent deals at still-low interest rates," continued Badagliacco. "And some renters can expect to come close to matching their rent -- converted into a mortgage. While the economic uncertainty and sluggish recovery make some potential buyers jittery, and entry-level buyers have to contend with the problems associated with collecting a down payment, many of those who can buy are going for it, as evidenced by increased market activity in South San Jose, the East Valley and the Morgan Hill/Gilroy areas, among others."
 The Santa Clara County Multiple Listing Service reported 1,275 residential sales for June 1992, which is a decrease when compared with sales reported for May (1,228). June 1991 sales were 1,248. An accepted offer constitutes a residential sale for these purposes.
 The June median price of housing in Santa Clara County was $220,000, a decrease from May's $227,500. The June 1991 median was $230,000. 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 June to $258,796 from May's average of $261,455. The average price increased for the 12-month period from June 1991 when the average was $268,459. The average and median housing figures include single-family homes, condos and townhouses, and mobile homes.
 "Last month, we said we needed more first-time buyers to stimulate the market," Badagliacco said. "Since so many entry-level buyers entered the market in June (a number of them bought mobile homes,) now we can reasonably expect those sellers to trade-up in July and August -- some have already jumped in, as indicated by the sales activity in the Cupertino and Almaden areas, for example."
 Total new listings (adjusted for relistings) for June (2,373) decreased when compared with May's figure (2,456). June 1991 adjusted new listings were 2,690. The June 1992 relistings total was 597 and is a new statistic now being collected and released by the SJREB.
 There were 7,830 single-family detached homes, condominiums and townhouses in Santa Clara County on the Multiple Listing Service (MLS) when June ended. Of those homes, 16 percent sold, leaving the MLS with a 6.4 month supply of housing in the county.
 The average price for single-family detached homes increased in June to $295,072 from May's $294,103. The figure in June 1991 was $312,247. June's single-family home median price increased to $242,000 from May's $249,900 price. The June 1991 median was $259,000.
 The average price of condos and townhouses decreased to $172,495 from May's average of $183,235. The June 1991 average was $180,070. The median price of condos and townhouses decreased to $160,000 from May's median of $166,000. The June 1991 median was $167,500.
 The median sales price for single-family residences in the City of San Jose decreased to $222,000 from May's $228,000. The June 1991 median was $233,000.
 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 320 tons of food for Santa Clara County residents since 1986; and the new SJREB Foundation, established to address a variety of community needs from donations of Board members.
 -0- 7/1/92
 /CONTACT: Colleen Badagliacco, 408-978-9000; Diane Brazil, 408-998-7300, ext. 260; or Matt Andersen, 408-998-7300, ext. 264, all of the SJREB/ CO: San Jose Real Estate Board ST: California IN: SU:


MM-MC -- SJ005 -- 5971 07/01/92 20:10 EDT
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Date:Jul 1, 1992
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