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NEW HOME SALES SLOW IN SECOND QUARTER FOR SAN GABRIEL VALLEY

 NEW HOME SALES SLOW IN SECOND QUARTER FOR SAN GABRIEL VALLEY
 SAN GABRIEL, Calif., Aug. 6 /PRNewswire/ -- New home sales in the San Gabriel Valley decreased in the second quarter of 1992 (May - July), following an impressive rebound in the first quarter. A total of 246 new housing units were sold this quarter, down 29.5 percent from the 348 units sold in the previous quarter, according to The Competitive Housing Market Report just released by The Meyers Group, an independent marketing research and consulting firm.
 "The reduction in sales may have been a result of a combination of factors, including low consumer confidence levels and limited advertising budgets for several of the projects," commented Steve Smiley, a consultant with The Meyers Group.
 Overall, inventory remained stable this quarter, increasing a minimal 2.8 percent. Six new projects and numerous new phases of projects were introduced totaling 624 units remaining in the San Gabriel Valley. Inventory has decreased 21.7 percent from a year ago.
 "Many developers continue to offer attractive incentives and reduced pricing. Unfortunately, sales in the San Gabriel Valley have remained slow due to the sluggish economy," Smiley said.
 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- 8/6/92
 /CONTACT: Steve Smiley or Mary Cameron of The Meyers Group, 818-501-8905/ CO: The Meyers Group ST: California IN: FIN SU:


KJ-JB -- LA031 -- 7723 08/06/92 16:21 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
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