DQNews Archived Article

Strong SoCal Home Sales in January

by Real Estate Analyst John Karevoll
February, 1997

La Jolla, CA.— Southern California home sales increased again in January as stable interest rates and a growing economy nudged more buyers into the market. Prices also edged up another notch, a real estate information service reported.

A total of 14,278 new and resale houses and condos were sold in Los Angeles, Ventura, Orange, Riverside, San Bernardino and San Diego counties in January. That was down 25.6 percent from 19,202 in December and up 9.2 percent from 13,072 for January a year ago (see chart), according to DataQuick Information Systems.

A decline in sales count from December to January is normal for the season. The year-over-year increase was the thirteenth in a row.

"Prices are the big question now. The recovery in the real estate market has seen a couple of so-called false bottoms during the past couple of years. Analysts are reticent about declaring true price increases, but recent trends are encouraging," said Mike Ela, DataQuick president.

January's median was $160,000, down 2.4 percent from $164,000 for December and up 1.9 percent from $157,000 for January a year ago. A decline in median from December to January is normal for the season as the types of homes that sell during those two months are different.

On a year-over-year basis, Southern California's median home price has declined once during the past year, has increased four times and has remained unchanged seven times.

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

All Homes	No Sold Jan-96	No Sold Jan-97	Pct. Chng.	Med($K) Jan-96	Med($K) Jan-97	Pct. Chng.
Los Angeles	5,456	5,848	7.2	$158	$163	3.2
Orange County	2,093	2,292	9.5	$186	$185	-0.5
San Diego	1,899	2,191	15.4	$165	$170	3.0
Riverside	1,483	1,616	9.0	$127	$128	0.8
San Bernardino	1,520	1,659	9.1	$116	$120	3.4
Ventura	621	672	8.2	$190	$200	5.3
So. California	13,072	14,278	9.2	$157	$160	1.9

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1997 DataQuick Information Systems.
All rights reserved.

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