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SJREB: AVERAGE AND MEDIAN PRICES UP SLIGHTLY; SALES DOWN PREDICTABLY IN SANTA CLARA COUNTY RESIDENTIAL RESALE MARKET IN DECEMBER

 SAN JOSE, Calif., Jan. 5 /PRNewswire/ -- The San Jose Real Estate Board (SJREB) issued the following today:
 "While this was typical December in terms of flattening residential real estate sales compared with the month before, it was only two sales lower than in December '91 and showed significantly more sales than in December '90 (from 735 to 826)," said Glenn Kinsey, 1993 president of the San Jose Real Estate Board. "The fact that December 1992 home sales activity is as good or better than the previous two Decembers indicates stability in the Santa Clara County residential resale market, a continuing trend in the last few years.
 "This is still an ideal time for first-time buyers to become home owners. There are many, many people out there who can now own a home and perhaps don't realize it. There's still a window of opportunity for first-time buyers and trade-up buyers to enter the market while prices are stable and interest rates are still very low," said Kinsey.
 The Santa Clara County Multiple Listing Service (MLS) reported 826 residential sales for December 1992, a decrease compared with sales reported for November (1,078). December 1991 sales were 828. An accepted offer constitutes a residential sale.
 The December median price of housing in Santa Clara County increased to $218,000 from November's $215,000. The December 1991 median was $225,000. The median is the midpoint; half the homes sell for more and half for less.
 The December average price of housing in Santa Clara County also increased to $246,229 from November's average of $243,307. The average price decreased when compared with December 1991, when the average price was $262,895. These average and median figures include single-family homes, condos and townhouses and mobile homes.
 Total new listings (adjusted for relistings) for December (1,028) decreased when compared with November's 1,410. December 1991 adjusted new listings were 1,190. The December relistings total was 345.
 There were 5,606 single-family detached homes, condominiums and townhouses in Santa Clara County on the Multiple Listing Service in December. Of those homes, 14 percent sold, leaving the MLS with a 7.1-month supply of housing for sale in the county.
 The average price for single-family detached homes increased in December to $275,449 from November's $274,155. The figure in December 1991 was $295,245. December's single-family home median price remained at $235,000, the same median as both October and November of this year.
 The average price of condos and townhouses decreased to $172,375 from November's average of $174,078. The December 1991 average was $172,488, just a few dollars more than the average in December 1992. The median price of condos


and townhouses also decreased to $158,000 from November's $163,000. The December 1991 median was $160,300.
 The median sales price for single-family residences in the City of San Jose increased to $220,000 from November's $215,000. (NOTE: Last month's press release reported in error that the median sales price for single-family detached homes in the City of San Jose was $217,000 in November. It was actually $215,000. SJREB regrets the error.) The December 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 California, operating the largest on-line computerized multiple listing service in the nation. With a membership exceeding 8,500, the San Jose Real Estate Board has made and continues to make significant contributions to the community over the nearly 100 years of its existence, including their annual CanTree food drive that has raised over 400 tons of food for hungry people in the last seven years. Members adhere to the strict National Association of REALTORS Code of Ethics and have been instrumental in protecting private property rights at all levels of government.
 -0- 1/5/93
 /CONTACT: Glenn Kinsey, president, 408-266-0430, or Diane Brazil, communications director, 408-998-7300, both of SJREB/


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

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Date:Jan 5, 1993
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