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STUDY FINDS MULTI-FAMILY CONSTRUCTION DOES NOT CONTRIBUTE TO SCHOOL CROWDING Concerns that new apartment construction will lead to overcrowded neighborhood schools are not true, according to a recent study by the National Association of Home Builders (NAHB). Using the most recent American Housing Survey data from the U.S. Census Bureau, NAHB's study found an average of 37 school-aged children per 100 multi-family households. The average for 100 single-family households is 62 school-age children. NAHB's analysis found that the number of school-age children is even lower for larger, high-density apartment buildings. In buildings with more than 20 apartments or condominiums, there are about 26 school-age children per 100 households. That number is lower for people who recently bought or rented. And in buildings with only one and two-bedroom units, the number drops, with condominium residents reporting fewer children than renters. The fewest school-age children are found in recently purchased condominium homes in buildings with more than 20 units, with about 10 children for every 100 such households, according to the study.

NAR FORECASTS RECORD EXISTING-HOME SALES THIS YEAR Greater than expected sales of existing homes in the first seven months of this year will help set a record for annual existing-home sales, according NAR. Existing-home sales will increase about 6.5 percent this year to 6.5 million. New-home sales also are expected to rise to a record 1.16 million this year, up 7.1 percent from 2003. Housing starts are forecasted to increase 4.8 percent to 1.94 million in 2004, the strongest pace since 1978. Though NAR projects the 30-year fixed-rate mortgage to slowly rise to 6 percent in the fourth quarter, the average rate for the entire year should be 5.9 percent, the second-lowest annual average since the mid-1960s. The lowest rate in recent years was 5.8 percent in 2003. The national median existing-home price for all of 2004 is expected to rise 7.5 percent to $182,700. At the same time, the median new-home price will grow by 8.9 percent to $212,300, according to NAR.

LUXURY HOMES VALUES SET RECORDS IN CALIFORNIA Luxury home values in Los Angeles, San Diego and San Francisco set new records in the second quarter of 2004, posting double-digit gains over the past 12 months, according to the recently released Prestige Home Index. San Francisco Bay Area values climbed 16.4 percent, or $357,000 year-over-year, and 7.2 percent from the first quarter of this year. Average luxury home values in the region reached an all-time high of $2.54 million. Los Angeles values rose 17.5 percent, or $256,000 year-over-year, and 3.7 percent from the first quarter of this year. Average luxury home values in Los Angeles jumped to $1.72 million. San Diego values climbed 18.8 percent, or $273,000 year-over-year, and increased 5.6 percent from the first quarter of this year. San Diego luxury home values averaged $1.73 million, according to the report.

C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 135,000 REALTORS® statewide.
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