SIGNALS MIXED ON REAL ESTATE

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

DATE: SUNDAY, April 18, 1993                   TAG: 9304160033
SECTION: CURRENT                    PAGE: NRV-10   EDITION: NEW RIVER VALLEY 
SOURCE: New River Valley bureau
DATELINE:                                 LENGTH: Short
SIGNALS MIXED ON REAL ESTATE
Homes new to the market and homes under contract in the New River Valley declined noticeably in February compared to a year earlier, but sales and average prices increased significantly.
"The latter two numbers indicate homes are still selling well and at strong prices, but the former two numbers could indicate a growing uneasiness about the economy," said John T. Mentzer, Virginia real estate professor of marketing at Virginia Tech.
Figures show 150 new homes on the market in February, 24 fewer than a year earlier, and 49 under contract, eight fewer than in February 1992.
However, 37 homes were sold, 11 more than a year earlier. The average price was $77,669, compared to $68,919 a year earlier.
"[March's] numbers, combined with the first-quarter figures, should give us a clearer picture of whether market confidence is rising, falling or staying the same," he said.
"At this point, it is safe only to say the New River Valley real estate market seems to be cautious but stable," said Mentzer, who compiles and analyzes residential real estate trends for the New River Valley Association of Realtors.

by Bhavesh Jinadra by CNB