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SAN FERNANDO VALLEY BOARD OF REALTORS ANNOUNCES INVENTORY OF HOMES FOR SALE HITS RECORD 14,976

 SAN FERNANDO VALLEY BOARD OF REALTORS ANNOUNCES
 INVENTORY OF HOMES FOR SALE HITS RECORD 14,976
 LOS ANGELES, Aug. 10 /PRNewswire/ -- A total of 850 single-family houses and condominiums sold during July as buyers sorted through a record high inventory of homes listed for sale and chased the lowest home loan interest rates in two decades, the San Fernando Valley Board of Realtors reported today.
 For the second consecutive month, the number of existing residential properties actively listed for sale rose to a record high.
 Board statistics showed 14,976 homes for sale, up 4.7 percent from a year ago and 22 listings higher than the second-highest total reported in June.
 "Even with all the economic uncertainties, we fully expect to see smart buyers stay in the market simply because there are just too many opportunities to pass up," said Lorrie Griffey, president of the San Fernando Valley Board of Realtors, California's largest local Board.
 With the total population of California still rising -- despite the exodus of some residents -- Griffey said prospective buyers realize that housing remains a valuable longterm investment.
 "No one knows how long the incredibly low interest rates will be available. And, no one knows how long the current buyers' market will continue," she said. "Those unknowns, combined with faith that California remains one of the strongest economies in the world, prompt people who want or need a home to jump into the market."
 Current buyers reap savings and get more house for the money than at any time in recent memory by combining low home loan interest rates -- below 8 percent for fixed-rate loans and 5 percent or lower for variable-rate loans -- with properties that are priced realistically.
 The average resale price of the 670 existing single-family homes that closed escrow last month was $272,700. The average was down 9.6 percent from a year ago and 3.6 percent lower than June, said Jim Link, the board's executive vice president.
 Condominium average resale prices also fell in July, dropping 2.18 percent from a year ago and 5.21 percent from June to the July average of $152,700.
 Single-family resale activity was the busiest last month in the southwest corner of the Valley, including areas such as Woodland Hills and Canoga Park, Link said. That area -- with an average resale price of $328,300 -- accounted for nearly 22 percent of the single- family home sales.
 Not surprisingly, the area that saw the steepest drop in sales from June also reported the steepest increase in average resale price. Sales dropped 34 percent in the northwest Valley as the average price increased 27 percent to $342,200 -- the highest of any of the six primary areas covered in San Fernando Valley Board of Realtor statistics.
 The only other area to report an increase in the average price were the northeast communities,which saw a 3 percent increase to $171,700 -- the most affordable average resale price of any section of the San Fernando Valley.
 -0- 8/10/92
 /CONTACT: Lorrie Griffey, president, or Jim Link, executive VP, of the San Fernando Valley Board of Realtors, 818-786-2110; or Dave Walker of David Walker & Associates, 818-222-1335, for the San Fernando Valley Board of Realtors/ CO: San Fernando Valley Board of Realtors ST: California IN: FIN SU:


JL -- LA013 -- 8507 08/10/92 12:10 EDT
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Date:Aug 10, 1992
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