DQNews Archived Article

Strong SoCal Home Sales

by Real Estate Analyst John Karevoll
November, 1996

La Jolla, CA.— Home sales in Southern California continued at their strongest pace in six years as prices remained flat, a real estate information service reported.

A total of 18,505 new and resale houses and condos were sold in Los Angeles, Ventura, Orange, Riverside, San Diego and San Bernardino counties in October. That was up 6.8 percent from 17,323 for the month before and up 13.4 percent from 16,320 for October last year (see chart), according to DataQuick Information Systems.

So far this year 162,096 homes have been sold in the region, up 17.1 percent from 138,400 for the same period last year. The year-to-date number is the highest since 219,950 were sold during the first ten months of 1990.

"All the elements are in place. The improving economy is creating more jobs, and people are making more money. Home prices are affordable and interest rates are reasonable. The real estate market is not roaring back, but it is recovering at a steady pace," said Donald L. Cohn, DataQuick CEO.

The year-to-date sales increase has been strongest in Orange County where sales levels are up 23.8 percent. The lowest rate of increase has been in Los Angeles County where sales are up 11.8 percent year-to-date.

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

The median price paid for a Southern California home was $160,000 last month. That was down 0.6 percent from $161,000 for the month before and the same as a year ago. The year-to-date median is $160,000, the same as last year.

All Homes	#Sold	#Sold	Pct.	Med($K)	Med($K)	Pct.
	Oct-95	Oct-96	Chng.	Oct-95	Oct-96	Chng
Los Angeles	6,570	7,629	16.1	$161	$161	0
Orange County	2,762	2,849	3.1	$189	$191	1.1
San Diego	2,438	2,736	12.2	$165	$171	3.6
Riverside	1,812	2,171	19.8	$126	$123	-2.4
San Bernardino	1,910	2,229	16.7	$123	$123	0
Ventura	828	891	7.6	$190	$190	0
So.Calif. Total	16,320	18,505	13.4	$160	$160	0

Source: DataQuick Information Systems

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

Copyright © 1996 DataQuick Information Systems.
All rights reserved.