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MICHIGAN YEAR-END RESIDENTIAL HOUSING SALES AT SIX-YEAR HIGH

 LANSING, Mich., Jan. 26 /PRNewswire/ -- Year-end sales of existing residential housing for 1992 registered 6.29 percent higher compared to 1991. The Michigan Association of Realtors(R), which has been tracking statewide home sales for the past seven years, reported this represents the best year-end sales report on record since 1986.
 "Last year's low interest rates created the boost many buyers needed to enter the housing market for the first time, or to move up into a larger home," explained Bowen Broock, president of the 23,000-member association. "Rising confidence in reports of a strengthening economy and a surge of hope for renewed growth under the new administration contributed to the year-end increase. In December alone, a 31-percent climb in sales over December 1991 was reported," Broock noted.
 Even with the surge in sales, housing prices have not skyrocketed beyond the reach of buyers. "While many people throughout the country are faced with average prices in six digits, housing costs in Michigan have remained stable and well within reach for the average home buyer," Broock explained. The average sale price in 1992 was $88,431, up 2.6 percent compared to the previous year.
 "A healthy housing market is crucial to the state's overall economic strength," Broock said. "Homeowners spend significant sums of money maintaining and improving their homes. The ripple effect of housing is tremendous -- it benefits plumbing and electrical contractors, landscapers and the textile, lumber, furniture and appliance industries, just to name a few. On average, every three home sales results in the creation of one job."
 The increased demand from first-time buyers has sparked more activity in the trade-up market. With interest rates predicted to remain low, and confidence in the economy continuing to rise, Realtors anticipate growing strength in Michigan's existing home sales market. "Given these factors," Broock noted, "1993 may prove to be a record year for existing residential housing sales in Michigan."
 MICHIGAN ASSOCIATION OF REALTORS RESIDENTIAL SALES DATA
 December 1992
 1991 1992
 Jan-Dec Jan-Dec Percent
 Board No. Sales No. Sales Change
 Alpena, Alcona, Presque Isle
 Board of Realtors 262 326 24.43
 Ann Arbor Area Board
 of Realtors 2,580 2,732 5.89
 Battle Creek Board of Realtors 1,134 1,230 8.47
 Downriver Board of Realtors 3,209 3,081 -3.99
 Flint Board of Realtors 3,792 3,846 1.42
 Grand Rapids Association
 of Realtors 7,235 7,905 9.26
 Gratiot-Isabella Board
 of Realtors 548 587 7.12
 Greater Lansing Board
 of Realtors 4,985 5,367 7.66
 Holland Board of Realtors 1,182 1,268 7.28
 Jackson Board of Realtors 1,314 1,184 -9.89
 Greater Kalamazoo Association
 of Realtors 4,123 4,292 4.10
 Macomb County Association
 of Realtors 13,512 14,754 9.19
 Rochester Board of Realtors 2,378 2,704 13.71
 Saginaw Board of Realtors 1,565 1,662 6.20
 Shiawassee County
 Board of Realtors 243 322 32.51
 South Oakland County Board
 of Realtors 5,337 5,289 -0.90
 Southwestern Michigan
 Association of Realtors 2,152 2,434 13.10
 St. Joseph County Association
 of Realtors 437 443 1.37
 West Central Board of Realtors 165 171 3.64
 Western Wayne Oakland
 Association of Realtors 12,524 13,401 7.00
 TOTALS 68,677 72,998 6.29
 1991 1992
 Jan-Dec Jan-Dec Percent
 Avg. Price Avg. Price Change
 Alpena, Alcona, Presque Isle
 Board of Realtors $54,412 $56,398 3.65
 Ann Arbor Area Board
 of Realtors $129,718 $130,021 0.23
 Battle Creek Board of Realtors $56,875 $60,317 6.05
 Downriver Board of Realtors $66,249 $74,059 11.79
 Flint Board of Realtors $67,822 $70,239 3.56
 Grand Rapids Association
 of Realtors $80,714 $83,349 3.26
 Gratiot-Isabella Board
 of Realtors $51,318 $52,304 1.92
 Greater Lansing Board
 of Realtors $75,933 $78,874 3.87
 Holland Board of Realtors $90,747 $91,534 0.87
 Jackson Board of Realtors $65,217 $68,664 5.29
 Greater Kalamazoo Association
 of Realtors $76,231 $79,004 3.64
 Macomb County Association
 of Realtors $90,316 $91,535 1.35
 Rochester Board of Realtors $134,929 $141,311 4.73
 Saginaw Board of Realtors $62,960 $67,144 6.65
 Shiawassee County Board
 of Realtors $52,746 $53,575 1.57
 South Oakland County Board
 of Realtors $89,299 $89,461 0.18
 Southwestern Michigan
 Association of Realtors $78,303 $82,833 5.78
 St. Joseph County
 Association of Realtors $46,563 $46,706 0.31
 West Central Board of Realtors $47,705 $51,211 7.35
 Western Wayne Oakland
 Association of Realtors $96,742 $96,571 -0.18
 TOTALS $86,179 $88,431 2.61
 1991 1992
 December December Percent
 Sales Sales Change
 Alpena, Alcona, Presque Isle
 Board of Realtors 13 9 -30.77
 Ann Arbor Area Board
 of Realtors 196 203 3.57
 Battle Creek Board of Realtors 90 146 62.22
 Downriver Board of Realtors 266 259 -2.63
 Flint Board of Realtors 251 338 34.66
 Grand Rapids Association
 of Realtors 387 439 13.44
 Gratiot-Isabella Board
 of Realtors 42 34 -19.05
 Greater Lansing Board
 of Realtors 391 518 32.48
 Holland Board of Realtors 89 95 6.74
 Jackson Board of Realtors 88 101 14.77
 Greater Kalamazoo Association
 of Realtors 207 248 19.81
 Macomb County Association
 of Realtors 658 1,122 70.52
 Rochester Board of Realtors 127 188 48.03
 Saginaw Board of Realtors 110 149 35.45
 Shiawassee County Board
 of Realtors 10 21 110.00
 South Oakland County Board
 of Realtors 377 445 18.04
 Southwestern Michigan
 Association of Realtors 144 198 37.50
 St. Joseph County
 Association of Realtors 29 38 31.03
 West Central Board of Realtors 7 6 -14.29
 Western Wayne Oakland
 Association of Realtors 615 791 28.62
 TOTALS 4,097 5,348 30.53
 -0- 1/26/93
 /CONTACT: Janis Haskell, director of communications, Michigan Association of Realtors, 517-372-8890/


CO: Michigan Association of Realtors ST: Michigan IN: SU:

ML -- DE007 -- 8939 01/26/93 09:17 EST
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