
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, February 28, 1991                   TAG: 9102280093
SECTION: BUSINESS                    PAGE: C6   EDITION: METRO 
SOURCE: Associated Press
DATELINE: WASHINGTON                                LENGTH: Short

HOME SALES FALL AGAIN

With prospective buyers distracted by war, sales of existing homes dropped 7 percent last month, a real estate trade group said Wednesday.

"Consumers were more focused on events in the Persian Gulf than on buying a home," said President Harley E. Rouda of the National Association of Realtors. He noted, however, that January generally is a slow month for home sales.

The Realtors said sales of existing single-family homes totaled a seasonally adjusted annual rate of 2.91 million units, down from 3.13 million in December. It was the lowest rate since 3.07 million units were sold last October.

But reports of progress in the war and favorable financing conditions calmed consumer fears and increased buying traffic at the end of the month, Rouda said. "People were out looking once again," he said.

The Realtors said the median price of a home was $94,200 last month, 2.7 percent more than in December but 1.1 percent less than in January 1990. The median means half of the homes cost more and half less.

In the South, the resale rate was 1.18 million units, down 6.3 percent from the previous month. The median price was $84,300, up 1.8 percent from December but down 1.1 percent from the previous January.

Sales fell 8 percent in the Northeast, 4.1 percent in the West and 8 percent in the Midwest.

by CNB