Evening star., 1938-01-15
Prices
Continued From First Page.)

ing. But prices have held in a ma
Jorlty of communities. have advanced
in 36 per cent and declined in only
10 per cent Of the cities The smaller
the city the less it is affected by the
current recession.
Notable in the price situation are
geographical variations. The North
west region shows the highest pro-
portion of cities with price increase,
63 per cent of its cities so reporting,
though not city in the region reports
activity increasing The Southwest
comes next, with ~ per cent of its
cities showing higher prices.
Cheaper Houses \ Factor.
The house priced under $4,000 has
been a considerable factor in this
years building. In so per cent of
the cities it accounted for at least
one-fourth of all houses built. In
SO per cent of the cities half of all
the houses built were in the UNDER
$4,000 class. In-14 per cent Of the
cities these low-cost houses consti-
tuted three-fourths or more of all
dwelling construction for the year.
But the very large cities have only q
small per cent of this type Of home
construction. The proportion does
not run beyond half the home build
ing in any city of over 100000 popu-
lation.
Sales OF home sites during the year
1887 averaged about one and half lots
to each new home dwelling built. the
reports indicate Rate of sale in the
last six months of the year. how
ever was only about one-third of that
prevailing in the first six months. In
16l cities having a combined popula-
ton of 10.544.23l the total number
OF detached homes built was reported
as 22,948, and the total number of
vacant lots sold was estimated as
33,970. If the same proportions we're
to hold for the total urban popula-
tion Of the country they would mean
that detached dwellings built in the
entire country in 1887 totaled ap-
proximately 1890. They would in
oASeAeS tAAdt Vic VI tlUtIlS SIZES
purchased totaled approximately 206,-
684. In making such a projection,
however, it should be remembered that
cities having an active real estate
board are in general probably those
having the most active real estate
market. If 10 per cent deduction
is made for this factor it means a ma
tional total Of $4,000 detached homes
built and a home site sale of more
than 1876, 900 lots.
The figures on sale OF residential
lots compiled by the association this
year are the first such national data
ever gathered.
Small Down Payments.
A 10 per cent payment is by far the
commonest amount now available in
purchase OF home Down payment
that the average home buyer today is
able to muster is less than 20 per cent
Of the purchase price in So per cent
OF all cities reporting. The average
buyer is able to pay no more than 10
per cent of the purchase price in IS
per cent Of the cities. He can pay as
much as Is per cent on an average in
an additional per cent OF the COM
munities. At one extreme. represent
ed by II per cent of the cities, down
payments Of over 20 per cent of the
purchase price are commonly possible.
At the other extreme. in exactly as
many cities, the average buyer can
not now muster as much as 10 per
cent.
The South Central States are the
region in which the average down pay
ment available runs most commonly
to an amount no greater than 10 per
cent. Almost three-fourths of its cities
t73 per cent? show such a condition.