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SJREB: SALES AND PRICES INCREASE IN SANTA CLARA COUNTY'S FEBRUARY RESIDENTIAL RESALE MARKET

 SAN JOSE, Calif., March 1 /PRNewswire/ -- "Santa Clara County's residential real estate market in February reflected an increase in the average selling price and median sales price when compared to January 1993. Sales, average selling price and median sales prices were less than was recorded in February 1992," said Glenn Kinsey, president of the San Jose Real Estate Board (SJREB).
 "January's market was greatly influenced by record-setting rainfall and the threats of layoffs from local firms. February's market would indicate that sales are again picking up steam as inventory of properties began rising. Good weather and an abundance of correctly priced property will make finding the ideal home easy. Consumer confidence continues to rise and will also play an important part in the real estate market. Low interest rates continue to make home ownership very affordable with fixed-rate mortgages at 7 and 5/8 percent or less. First-time homebuyers will find the market affordable with interest rates down and high inventory of properties available. Over 1,006 single-family detached homes on the Multiple Listing Services (MLS) priced $200,000 or less.
 "Many buyers who though two years ago that they could not afford to buy a home will find that the prices of homes and mortgage rates have dropped to a point where many are qualified and can now afford to buy," Kinsey added.
 According to the National Association of Realtors, home sales have picked up because of growing consumer confidence. "We are seeing people who want to sell, not just those who have to sell. The time is good for both buyers and sellers."
 The Santa Clara County Multiple Listing Service reported 1,074 residential sales for February 1993, an increase of 27 percent over January 1993 (847), and a decrease of 36 percent over February 1992 with sales of 1,673. An accepted offer constitutes a residential sale.
 The February median price of housing in Santa Clara County was $220,000, a slight (0.69 percent) increase over January. Compared with February's 1992 median price of $225,000, February's median dropped $5,000, a two-percent decrease.
 February average price of housing in Santa Clara County increased 3.2 percent ($259,711) over January ($251,534). The average price declined $4,976 over February 1992. These average and median housing figures include single-family homes, condos, townhouses and mobile homes.
 Total new listings (adjusted for relistings) for February (2,133) increased when compared with January's (1,943). February 1992 adjusted new listings were 2,421. The number of listings relisted with the Multiple Listing Service totaled 461 for February.
 There were 6,644 single-family detached homes, condominiums and townhouses in Santa Clara County on the Multiple Listing Service in February. A little over six-months supply of housing based on the current sales rate.
 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- 3/1/93
 /CONTACT: Glenn Kinsey, president of SJREB, 408-266-0430/


CO: San Jose Real Estate Board ST: California IN: SU:

GT-SG -- SJ009 -- 1696 03/01/93 20:10 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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