THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, January 30, 1996 TAG: 9601300328
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
TYPE: DIGEST
LENGTH: Short : 21 lines
The recent downturn in sales of existing homes is more significant as an economic indicator than it is of any immediate deterioration in the fortunes of homeowners. Sales have fallen for three straight months, correctly leading to the interpretation that the economy may be weakening. But it doesn't necessarily mean the economy of individual homeowners is also deteriorating. The preliminary median sale price of existing single-family houses in December was $113,800, or $4,700 more than in the same month a year earlier. (AP) by CNB