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SALES AND PRICES LEVEL IN SANTA CLARA COUNTY'S OCTOBER RESIDENTIAL RESALE MARKET

 SALES AND PRICES LEVEL IN SANTA CLARA COUNTY'S
 OCTOBER RESIDENTIAL RESALE MARKET
 SAN JOSE, Calif., Nov. 5 /PRNewswire/ -- "The October residential real estate market in Santa Clara County was surprisingly healthy, especially considering that the month preceeded a presidential election in a year marked with serious political and economic uncertainty," said Colleen Badagliacco, president of the San Jose Real Estate Board. "Sales held steady at exactly one less than in September (1,208 in September and 1,207 in October).
 "Sales of residential real estate here have historically held very steady and October 1992 was no exception," said Badagliacco. "Compared with the same month last year, our median and average prices went down only slightly, with sales up by just a few (eight, to be exact). With a change in consumer confidence and some income growth, coupled with a potential for upward movement in interest rates to stimulate the market, moderate growth in residential real estate sales should begin to show in our statistics.
 "Activity in some areas was especially brisk. Sales of single family homes were up more than 50 percent from September to October in the Santa Teresa area of South San Jose (from 20 to 34), and were up 33 percent in the Willow Glen area (33 to 44)."
 The Santa Clara County Multiple Listing Service reported 1,207 residential sales for October 1992, a decrease of one sale compared with sales reported for September (1,208). October 1991 sales were 1,199. An accepted offer constitutes a residential sale.
 The October median price of housing in Santa Clara County decreased to $218,988 from September's $221,000. The October 1991 median was $220,250. The median is the mid-point, half the homes sell for more, half for less.
 The October average price of housing in Santa Clara County decreased to $247,653 from September's average of $253,257. The average price also decreased for the 12-month period from October 1991 when the average was
$255,133. These average and median housing figures include single-family homes, condos and townhouses and mobile homes.
 Total new listings (adjusted for relistings) for October (1,843) decreased when compared with September's (1,951). October 1991 adjusted new listings were 1,929. The October relistings total (a new statistic now being compiled and released by the SJREB) was 543.
 There were 7,170 single-family detached homes, condominiums and townhouses in Santa Clara County on the Multiple Listing Service in October. Of those homes, 16 percent sold, leaving the MLS with a 6.1-month supply of housing for sale in the county.
 The average price for single-family detached homes decreased in October to $273,443 from September's $284,752. The figure in October 1991 was $289,986. October's single-family home median price decreased to $235,000 from September's $240,000 price. The October 1991 median was $242,000.
 "The condo resale market also held steady compared with the previous month. Sales were down from 236 in September to 221 in October and average and median prices varied only slightly, with a median of $162,000 in September increasing to $162,500 in October; and an average of $171,780 in September decreasing to $171,513 in October," said Badagliacco.
 The average price of condos and townhouses decreased to $171,513 from September's average of $171,780. The October 1991 average was $173,442. The median price of condos and townhouses increased to $162,500 from September's median of $162,000. The October 1991 median was $158,000.
 The median sales price for single-family residences in the city of San Jose decreased to $217,500 from September's $221,000. The October 1991 median was $225,000.
 Established in 1896, the San Jose Real Estate Board is the oldest trade association and 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(R) 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 residents since 1986.
 -0- 11/5/92
 /CONTACT: Collen Badagliacco, president, 408-978-9000, or Diane Brazil, communications director, 408-998-7300, ext. 260, both of the San Jose Real Estate Board/ CO: San Jose Real Estate Board ST: California IN: SU:


GT-TB -- SJ005 -- 7782 11/05/92 14:00 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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