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NEW HOME PRICES HIT A THREE-AND-ONE-HALF-YEAR LOW IN SAN BERNARDINO COUNTY

 NEW HOME PRICES HIT A THREE-AND-ONE-HALF-YEAR LOW
 IN SAN BERNARDINO COUNTY
 SAN BERNARDINO, Calif., Sept. 2 /PRNewswire/ -- Diminishing home prices and the lowest interest rates in 20 years haven't been enough to stimulate sales in the San Bernardino new home market. During the second quarter of 1992 (June-August) a total of 1,101 attached and detached units were sold in the county. This is a 26.7 percent decrease from the prior quarter when 1,503 units were sold and went down 10.4 percent from one year ago. In comparison, as noted by The Competitive Housing Market Report published quarterly by the Meyers Group, an independent marketing research and consulting firm, new home sales reached their peak in the first quarter of 1988 with 3,572 units sold.
 The median base price for detached housing decreased to a 3-1/2-year low of $149,990 which was duplicated in the third quarter of 1991. The median price per square foot has followed the same trend and is currently at $84. The attached median price dropped drastically to $135,950 from $199,500.
 Indicative of the price sensitivity of the market, five of the top 10 best-selling projects in the county last quarter had base prices starting between $69,990 and $99,990. Fifty percent of all detached units sold were priced under $150,000. Detached product continues to be preferred by the San Bernardino County home buyer, accounting for 92.4 percent of new home sales this quarter.
 At the current absorption rate of approximately 85 units per week, the current available inventory of 2,386 attached and detached units represents a seven-month supply of new home inventory. However, the real estate market is entering the slowest period of the year for home sales and a recovery is not expected until the beginning of next year.
 The Meyers Group is an independent marketing 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- 9/2/92
 /CONTACT: Deborah Krivoshia of The Meyers Group, 714-735-3760/ CO: The Meyers Group ST: California IN: SU:


BP-AL -- LA024 -- 6079 09/02/92 16:48 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
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