FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                  FORM 10-QSB


[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
      EXCHANGE ACT OF 1934


                  For the quarterly period ended June 30, 1997

                                       or

[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
      EXCHANGE ACT OF 1934

                 For the transition period.........to.........


                         Commission file number 0-14554



                         NATIONAL PROPERTY INVESTORS 8
       (Exact name of small business issuer as specified in its charter)



         California                                 13-3254885
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)                  Identification No.)

                         One Insignia Financial Plaza
                       Greenville, South Carolina 29602
                   (Address of principal executive offices)

                                (864) 239-1000
                          Issuer's telephone number



Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.  Yes  X    No

                        PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS



a)
                        NATIONAL PROPERTY INVESTORS 8
                                BALANCE SHEET
                                 (Unaudited)
                       (in thousands, except unit data)

                                June 30, 1997


Assets
  Cash and cash equivalents:
    Unrestricted                                                   $ 2,954
    Restricted                                                          70
  Accounts receivable                                                   34
  Escrow for taxes                                                     114
  Restricted escrows                                                   548
  Other assets                                                         251
  Investment properties:
     Land                                            $  1,970
     Buildings and related personal property           27,748
                                                       29,718
     Less accumulated depreciation                    (14,491)      15,227

                                                                   $19,198

Liabilities and Partners' Capital
  Accounts payable                                                 $    12
  Other liabilities                                                    165
  Accrued taxes                                                        414
  Tenant security deposits                                              69
  Mortgage notes payable                                            10,954
Partners' capital (deficit)
  General partners                                   $  (148)
  Limited partners (44,882 units outstanding)          7,732         7,584

                                                                   $19,198

         See Accompanying Notes to Consolidated Financial Statements

b)
                            NATIONAL PROPERTY INVESTORS 8
                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                     (Unaudited)
                           (in thousands, except unit data)

<TABLE>
<CAPTION>
                                     Three Months Ended             Six Months Ended
                                          June 30,                      June 30,
                                    1997           1996           1997           1996
<S>                             <C>            <C>            <C>            <C>
Revenues:
  Rental income                  $  1,059       $  1,058       $  2,099       $  2,111
  Other income                        123             85            220            159
    Total revenues                  1,182          1,143          2,319          2,270
Expenses:
  Operating                           337            310            668            640
  General and administrative           55             89             95            163
  Maintenance                         170            136            271            245
  Interest                            233            205            510            427
  Depreciation                        289            291            576            578
  Property taxes                       93             85            218            236
    Total expenses                  1,177          1,116          2,338          2,289

      Net income (loss)         $       5      $      27       $    (19)      $    (19)

Net income (loss) allocated
 to general partners (1%)       $      --      $      --       $     --       $     --

Net income (loss) allocated
 to limited partners (99%)              5             27            (19)           (19)

      Net income (loss)         $       5      $      27       $    (19)      $    (19)

Net income (loss) per
 limited partnership unit       $     .11      $     .60       $   (.42)      $   (.42)
<FN>
             See Accompanying Notes to Consolidated Financial Statements
</TABLE>

 c)
                             NATIONAL PROPERTY INVESTORS 8
                 CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)
                                      (Unaudited)
                            (in thousands, except unit data)

<TABLE>
<CAPTION>
                                      Limited
                                    Partnership    General      Limited         Total
                                       Units      Partners      Partners       Capital
<S>                                  <C>        <C>          <C>           <C>
Original capital contributions        44,882     $       1    $   22,441    $   22,442

Partners' (deficit) capital at
  December 31, 1996                   44,882     $    (147)   $    7,758    $    7,611

Partners' distributions for the
  six months ended June 30, 1997          --            (1)           (7)           (8)

Net loss for the six
  months ended June 30, 1997              --            --           (19)          (19)

Partners' (deficit) capital at
  June 30, 1997                       44,882     $    (148)   $    7,732    $    7,584
<FN>
              See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)  
                           NATIONAL PROPERTY INVESTORS 8
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (Unaudited)
                                   (in thousands)
<TABLE>
<CAPTION>     
                                                              Six Months Ended
                                                                  June 30,
                                                            1997            1996
<S>                                                   <C>             <C>
Cash flows from operating activities:
  Net loss                                             $     (19)      $     (19)
  Adjustments to reconcile net income to net
  cash provided by operating activities:
   Depreciation                                              576             578
   Amortization of loan costs                                 19               4
Change in accounts:
   Other assets                                              955             (81)
   Accounts payable and accrued expenses                    (219)            219
   Tenant security deposits                                  (10)             (9)

     Net cash provided by operating activities             1,302             692

Cash flows used in investing activities:
   Property improvements and replacements                   (182)           (102)

Cash flows from financing activities:
   Payments on mortgage notes payable                        (29)            (99)
   Partners' distributions                                    (8)             --
     Net cash used in financing activities                   (37)            (99)

Net increase in unrestricted cash and
  cash equivalents                                         1,083             491

Unrestricted cash and cash equivalents at
  beginning of period                                      1,871           2,383

Unrestricted cash and cash equivalents at
  end of period                                        $   2,954       $   2,874

Supplemental information:
  Cash paid for interest                               $     490       $     423
<FN>
            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)                          NATIONAL PROPERTY INVESTORS 8
                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of NPI Equity Investments, Inc. ("NPI Equity" or the "Managing
General Partner"), all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.  Operating
results for the three and six month periods ended June 30, 1997, are not
necessarily indicative of the results that may be expected for the fiscal year
ending December 31, 1997.  For further information, refer to the financial
statements and footnotes thereto included in National Property Investors 8's
(the "Partnership" or the "Registrant") annual report on Form 10-KSB for the
year ended December 31, 1996.

Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.

NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership.

Pursuant to a series of transactions which closed during the first half of 1996,
affiliates of Insignia Financial Group, Inc. ("Insignia") acquired all of the
issued and outstanding shares of stock of NPI Equity and National Property
Investors, Inc. ("NPI").  NPI Equity is a wholly-owned subsidiary of NPI.  In
connection with these transactions, affiliates of Insignia appointed new
officers and directors of NPI Equity.

The following transactions with Insignia, NPI and affiliates were charged to
expense in 1997 and 1996:

                                                        For the Six Months Ended
                                                                June 30,
                                                             (in thousands)
                                                            1997           1996
Property management fees (included in operating
  expenses)                                               $ 112           $ 109
Reimbursement for services of affiliates (included
  in general and administrative expenses)                    57              94


The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Managing General Partner.  An affiliate of the
Managing General Partner acquired, in the acquisition of a business, certain
financial obligations from an insurance agency which was later acquired by the
agent who placed the current year's master policy.  The current agent assumed
the financial obligations to the affiliate of the Managing General Partner, who
received payments on these obligations from the agent.  The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
Managing General Partner, by virtue of the agent's obligations, is not
significant.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION


The Partnership's investment properties consist of two apartment complexes.  The
following table sets forth the average occupancy of the properties for the six
months ended June 30, 1997 and 1996:


                                                    Average
                                                   Occupancy
Property                                        1997         1996
Williamsburg on the Lake Apartments
  Indianapolis, Indiana (1)                      86%          91%
Huntington Athletic Club Apartments
  Morrisville, North Carolina                    92%          93%

1)   The Managing General Partner attributes the decrease in occupancy at the
     Williamsburg on the Lake Apartments property to increasing qualifying
     standards for residents and an overall decrease in occupancy in the
     Indianapolis market.

The Partnership's net loss for the six months ended June 30, 1997, and for the
six months ended June 30, 1996, was approximately $19,000.  The Partnership
realized net income of $5,000 and $27,000 for the three months ended June 30,
1997 and 1996, respectively.  Although the net loss for the Partnership remained
the same for the six months ended June 30, 1997, compared to the corresponding
period of 1996, both total revenues and total expenses increased for the first
six months of 1997.  The increase in revenues resulted primarily from an
increase in other income due to increased interest income and increases in
corporate unit income, pet fees, application fees and cleaning/damage fees.
Increased maintenance expenses contributed to the overall increase in total
expenses. Maintenance expense increased as a result of a major landscaping
project completed to enhance the entrance at Huntington Athletic Club
Apartments.  Partially offsetting the increase in total expenses was a decrease
in general and administrative expenses, primarily resulting from non-recurring
expenses which were incurred in the first quarter of 1996 relating to the
relocation of the partnership administration offices.

Included in maintenance expense for the six months ended June 30, 1997, is
approximately  $83,000 of major repairs and maintenance comprised primarily of
major landscaping and exterior building improvements.  Included in maintenance
expense for the six months ended June 30, 1996, is $29,000 of major repairs and
maintenance comprised of exterior building improvements and swimming pool
repairs.

As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses.  As part of
this plan, the Managing General Partner attempts to protect the Partnership from
the burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level.  However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

At June 30, 1997, the Partnership had unrestricted cash and cash equivalents of
approximately $2,954,000 compared to approximately $2,874,000 at June 30, 1996.
Net cash provided by operating activities increased primarily as a result of a
decrease in other assets. This was partially offset by a decrease in accounts
payable and accrued expenses. Other assets decreased due to a decrease in escrow
accounts, as reserves required by HUD are no longer necessary after the
refinancing of the mortgage secured by the Williamsburg on the Lake Apartments
property (see discussion below).  Accounts payable and accrued expenses
decreased due to the timing of payments of accrued expenses. Net cash used in
investing activities increased primarily due to the construction of a new
recreation center at the Williamsburg on the Lake Apartments property.  Net cash
used in financing activities decreased due to the refinancing of the mortgage
debt secured by the Williamsburg on the Lake Apartments property.  In November
1996, the Partnership refinanced the mortgage debt secured by the Williamsburg
on the Lake Apartments property from a HUD insured loan, which required
principal and interest payments, to a conventional loan requiring interest only
payments.

The Managing General Partner has extended to the Partnership a $500,000 line of
credit.  At the present time, the Partnership has no outstanding amounts due
under this line of credit.  Based on present plans, the Managing General Partner
does not anticipate the need to borrow against the line of credit in the near
future.  Other than cash and cash equivalents, the line of credit is the
Partnership's only unused source of liquidity.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership.  Such assets are currently
thought to be sufficient for any near-term needs of the Partnership.  The
mortgage indebtedness of approximately $10,954,000 is amortized over varying
periods.  The mortgage encumbering the Huntington Athletic Club Apartments
property requires a balloon payment of $3,211,000 in February 2002.  The
mortgage encumbering the Williamsburg on the Lake Apartments property requires
interest only payments with the principal balance of $7,400,000 due November
2003. Future cash distributions will depend on the levels of cash generated from
operations, property sales, and the availability of cash reserves.  The Managing
General Partner is evaluating the economic position of the Partnership and the
Partnership's ability to make a distribution.  During the six months ended June
30, 1997, the Partnership paid approximately $8,000 to the North Carolina
Department of Revenue for withholding taxes related to income generated by the
Partnership's investment property located in North Carolina.  These taxes have
been treated as a distribution to the limited partners.  No cash distributions
were paid during the six months ended June 30, 1996.


                             PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     a)  Exhibits:

         Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
         report.

     b)  Reports on Form 8-K:

         No reports on form 8-K were filed during the three months ended June
         30, 1997.


                                      SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.





                           NATIONAL PROPERTY INVESTORS 8


                           By:   NPI EQUITY INVESTMENTS, INC.
                                 MANAGING GENERAL PARTNER


                           By:   /s/William H. Jarrard, Jr.
                                 William H. Jarrard, Jr.
                                 President and Director


                           By:   /s/Ronald Uretta
                                 Ronald Uretta
                                 Vice President and Treasurer


                           Date: July 28, 1997