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San Diego Condo Sales Dip from March Pace : Inventory of Lower-Priced Units Decreases; Single-Family Home Purchases Up in April

July 13, 1986

Because of fewer condominium sales in April, the total of 1,718 new housing units sold in San Diego County was just below the record pace of 1,851 sales recorded in March, according to the Insites report sponsored by Founders Title Co., San Diego.

April single-family sales totaled 1,090, nine more than the March pace, but condominium sales dropped more than 18% to 628 units in April from the March high of 770 units, according to Steve Bottfeld, president of Insites.

"Condominium inventory in lower price levels has been very well depleted, primarily because interest rates are at their lowest point in more than eight years," he added. "March began with more than 3,000 condominium units in inventory, while May began with less than 1,800."

At the same time, very few relatively lower-priced condominiums have come on line, Bottfeld said. In fact, the number of active condominium developments in San Diego County continues to decline as more and more are sold out.

The situation is similar for single-family detached houses, according to Mervyn Morris, senior vice president and county manager of Founders Title.

"In March, there were 2,786 units of single-family inventory," he said. "By May, single-family inaventory dipped under 2,000 units for the first time since 1978."

One effect of the depleted inventory will be the probability of significant price rises in both attached and detached new housing, Bottfeld said. He believes 1986 will see at least an 8% increase in the price of new homes.

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