Best Housing Performance in a Decade in Fresno

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FOR IMMEDIATE RELEASE

Contact: Tom Uribes

June 3, 2003

(559) 278-5366 or 250-8459

(See attached graphs. For media interviews with John Mahoney, contact Tom Uribes or call 278-4990).

Quarterly Housing Report 2003 Released This Week

New housing report shows construction’s
best 12-month period in a decade

New home construction continues to flourish in this area with new home sales up 41 percent over a year ago and one of the best 12-month periods in a decade, according to a new report released this week by the Real Estate & Land Use Institute at California State University, Fresno.

The Fresno/Clovis Quarterly Housing Report 2003 is a new research project designed to monitor new home construction activity in the greater Fresno/Clovis metropolitan area throughout the year and help spur productivity in the marketplace, said John Mahoney, director of the institute that is part of the Craig School of Business.

“The information contained in our new Quarterly Housing Report represents a bright light on a late night for the drivers of our local housing industry,” Mahoney said.

First quarter findings of the new report indicate that 576 units were built during the first quarter this year compared with 408 units during the same quarter last year.

“With more than 2,700 units sold during the last 12 months alone, 2003 is shaping up to be the best new home sales year in a decade,” Mahoney said.

The Quarterly Housing Report 2003 is the latest in a series of targeted research projects produced by the Real Estate & Land Use Institute. The institute also compiles market data on multifamily rental housing in its Fresno/Clovis Annual Housing Report released at the beginning of each year.

This latest research project monitors new home construction activity in the greater Fresno/Clovis metropolitan area throughout the year -- activity that includes every phase of residential development, from the subdividing of land into lots through the selling of new homes.

“The institute is developing this key resource to facilitate productivity in the marketplace and assist the many businesses and jobs connected with the local housing industry,” Mahoney said.

In March, the institute released the annual Fresno/Clovis Annual Housing Report 2003, which showed that major apartment complexes in the area are approaching record occupancy levels this year.

Graphs for the new Quarterly Housing Report 2003 are available at www.FresnoStateNews.com.

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