Realtors See Turnaround in ’93

An improved U.S. economy should help pull California out of its downturn and contribute to a rise in the sale of single-family homes in 1993, the California Assn. of Realtors said Tuesday.

“The turning point in the (housing) market is arriving about a year later than we originally expected, but recovery is in sight,” association President Chuck Lamb said.

In its annual forecast, the association noted that a worse than expected downturn in California’s economy resulted in a drop in home sales this year rather than the rise the trade group originally anticipated.

The association said it now expects a total of 413,000 sales of existing single-family homes in 1992, down 2.6% from last year’s 424,120 sales. Last fall, it had forecast a 4% increase in home sales statewide for this year.