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NATIONAL ASSOCIATION OF REALTORS ECONOMIST ANALYZES NEW-HOME SALES DATA

 NATIONAL ASSOCIATION OF REALTORS ECONOMIST
 ANALYZES NEW-HOME SALES DATA
 WASHINGTON, Dec. 31 /PRNewswire/ -- Following is an analysis by Dr. John Tuccillo, chief economist for the National Association of Realtors (NAR), of the new-home sales data released today by the U.S. Department of Commerce. NAR, "The Voice for Real Estate," is the nation's largest trade association, representing nearly 800,000 members involved in all aspects of the real-estate industry:
 While low interest rates have had a positive influence spurring housing demand in the existing-home sales market, other markets -- homebuilding and new homes -- have been extremely sluggish. The result is flat new-home sales activity in November.
 However, it is likely the Northeast sales rate last month will be revised upward, showing that overall new-home sales activity actually increased from October to November. Additionally, we expect new-home sales to improve as consumers respond to low interest rates.
 We expect new-home sales to total 503,000 units in 1991, down 5.8 percent from 1990. We expect a total of 557,000 units in 1992, an increase of 10.6 percent from 1991.
 -0- 12/31/91
 /CONTACT: Lois Clinton, 202-383-1016, or Trisha Morris, 202-383-7560, both of the National Association of Realtors/ CO: National Association of Realtors ST: District of Columbia IN: CST SU:


MH-DC -- DC005 -- 5861 12/31/91 11:19 EST
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Publication:PR Newswire
Date:Dec 31, 1991
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