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DQNews Archived Article

So. California Home Sales — Mixed Signals in 95

by Real Estate Analyst John Karevoll
January, 1996

La Jolla,CA— As last year came to an end, the Southern California real estate market continued to send mixed signals, a real estate information service reported. A total of 17,408 new and resale houses and condos were sold in Los Angeles, Ventura, San Diego, Orange, San Bernardino and Riverside counties in December. That was up 8.9 percent from 15,983 the month before and down 2.8 percent from 17,901 for December a year ago, according to DataQuick Information Systems.

An increase in sales from November to December is normal for the season. Southland home sales were down 15.8 percent during the first half of 1995 and then picked up as mortgage interest rates went down. The year-over-year decline in December was the first since July. The Southland sales count for 1995 as a whole was 188,111, down 8.7 percent from 206,038 in 1994. "With mixed signals like the ones the market is sending now, we're obviously at some sort of turning point. We have seen significant shifts in market mix this past year. It'll be interesting down the line to see how much of the shift is permanent and how much can be attributed to low interest rates," said Donald L. Cohn, DataQuick CEO.

Entry-level homes account for an ever-growing share of the market, and high-end homes are now selling well at lower prices. Homes in the 'move-up' category are selling poorly. Sales of newly-built homes surged last month to the highest level in a year. A total of 2,854 new homes were sold in December, up 36.5 percent from November's 2,091 and down 5.4 percent from 3,017 for December a year ago. Last month's new-home sales count was the third highest for any month since mid-1991.

DataQuick monitors real estate purchasing and financing activity nationwide, and provides information to consumers, lending institutions, title companies and industry analysts.

All Homes

  #Sold #Sold Pct. Med(K) Med(K) Pct.
County Dec-94 Dec-95 Chng. Dec-94 Dec-95 Chng.
Los Angeles 7,453 6,881 -7.7 $166 $160 -3.6
Orange County 3,075 3,003 -2.3 $205 $190 -7.3
San Diego 2,595 2,697 3.9 $171 $164 -4.1
Riverside 2,001 1,952 -2.4 $130 $130 0
San Bernardino 1,842 2,038 10.7 $124 $119 -4
Ventura 935 837 -10.5 $190 $192 1.1
             
So. California 17,901 17,408 -2.8 $166 $159 -4.2

Source: DataQuick Information Systems

For more information call John Karevoll (909)867-9534


Copyright 1996 DataQuick Information Systems.
All rights reserved.


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  • 1996 Releases

    Bay Area Home Sales Increase
    January, 1996
    So. California Home Sales — Mixed Signals in 95
    January, 1996
    Foreclosures up in 95
    January, 1996
    Mortgage Payments drop in California
    January, 1996
    Million Dollar Home Sales Down 1995
    January, 1996
    Foreclosures to Subside in Upcoming Months?
    April, 1996
    California Foreclosures Experience Slight Decline
    May, 1996
    Bay Area Home Sales Continue to Surge!
    June, 1996
    Southern California Home Sales on the Rise
    June, 1996
    Bay Area Home Sales Up
    August, 1996
    California Foreclosures Up
    August, 1996
    Fewer Homes Sold At A Loss
    August, 1996
    Strong Home Sales in California
    September, 1996
    California Foreclosures Up
    September, 1996
    California Construction Up
    September, 1996
    Bay Area home sales off
    October, 1996
    Strong home sales in California
    October, 1996
    California Foreclosures Flat
    October, 1996
    Bay Area home sales continue to rise
    November, 1996
    California Foreclosures Surge
    November, 1996
    Strong SoCal Home Sales
    November, 1996
    California building activity up!
    December, 1996
    Bay Area home sales continue on upward climb
    December, 1996
    Strong SoCal Home Sales in November!
    December, 1996
    California Foreclosures Down
    December, 1996


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