DQNews Archived Article

Strong SoCal Home Sales in November!

by Real Estate Analyst John Karevoll
November, 1996

La Jolla, CA.— Last month's home sales in Southern California continued at their strongest level since 1990 as prices stayed flat, a real estate information service reported.

A total of 16,837 new and resale houses and condos were sold in Los Angeles, Orange, Riverside, Ventura, San Bernardino and San Diego counties in November. That was down 9.0 percent from 18,505 for October and up 5.3 percent from 15,983 for November last year (see chart), according to DataQuick Information Systems.

A decline in the sales count from October to November is normal for the season. The year-over-year increase in monthly sales is the eleventh in a row. So far this year 197,438 Southland homes have been sold, 15.7 percent more than 170,703 for the same period last year and already well ahead of 1995's overall total of 188,111. The current sales pace is the strongest since 1990 when 237,731 homes were sold during the first eleven months of the year.

"With the affordable home prices, the stable and relatively low interest rates and the growing economy, all indications are that these strong sales trends will remain in place well into the new year. We might even see a slight increase in prices by spring," said Donald L. Cohn, DataQuick's CEO.

The median price paid for a home in Southern California was $161,000 last month, up 0.6 percent from $160,000 for October and unchanged from November last year. The year-to-date median is $161,000, up 0.6 percent from $160,000 for the first eleven months of 1995.

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.

	# Sold	# Sold		Med ($K)	Med ($K)
All Homes	Nov-95	Nov-96	% Chg	Nov-95	Nov-96	% Chg
Los Angeles	6,357	6,826	7.4	$162	$162	0
Orange County	2,669	2,819	5.6	$195	$190	-2.6
San Diego	2,339	2,424	3.6	$166	$173	4.2
Riverside	1,831	1,971	7.6	$125	$129	3.2
San Bernardino	1,860	1,915	3	$120	$121	0.8
Ventura	927	882	-4.9	$193	$186	-3.6
So. California	15,983	16,837	5.3	$161	$161	0

Source: DataQuick Information Systems

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

Copyright © 1996 DataQuick Information Systems.
All rights reserved.