SAN DIEGO NEW HOME SALES AND INVENTORY IN FOURTH QUARTER BETTER THAN EXPECTED
SAN DIEGO NEW HOME SALES AND INVENTORY
IN FOURTH QUARTER BETTER THAN EXPECTED
SAN DIEGO, Jan. 9 /PRNewswire/ -- San Diego's new home market seems to be weathering the recession fairly well. Although the fourth quarter has historically registered the least sales of the year, this year's decrease from the third quarter was the lowest in five years, according to The Competitive Housing Market Report just released by The Meyers Group, an independent market research and consulting firm.
A total of 1,377 new homes sold this quarter which was a 12 percent decrease from the third quarter. Overall, 6,866 homes sold in 1991 compared to 6,699 in 1990.
"The fourth quarter is typically slow, but the increase in quality single-family homes priced under $200,000 in the county had a positive effect on sales," commented Peter Reeb, partner of The Meyers Group.
The new home inventory dropped almost nine percent from last quarter and 20 percent from the fourth quarter of 1990 to 3,276 units. Based on the current sales rate, San Diego has a seven month supply of housing.
"The decrease in inventory is encouraging. At this time last year, we had a 10 month supply of new homes. The level of inventory for single-family homes and condominiums hasn't been this low in almost two years," Reeb said.
The median price of single-family homes dropped two percent this quarter to $233,000 and condominiums fell one percent to $148,400.
The Meyers Group is a 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.
/CONTACT: Peter Reeb, 619-792-7272, or Trish Cannady, 714-644-2055, both of The Meyers Group/ CO: The Meyers Group ST: California IN: FIN SU:
BB-TM -- LA024 -- 8279 01/09/92 14:08 EST