DQNews Archived Article

SoCal Home Sales Continue at Strong Pace!

by Real Estate Analyst John Karevoll
March, 1997

La Jolla, CA.— Southern California home sales continued at their strongest pace in six years as prices showed further signs of recovery, a real estate information service reported.

A total of 14,442 new and resale houses and condos were sold in Los Angeles, Ventura, Orange, San Diego, Riverside and San Bernardino counties in February. That was up 1.1 percent from 14,278 in January and up 5.2 percent from 13,726 for February last year(see chart), according to DataQuick Information Systems.

The sales count was the strongest for any February since 1990 when 17,861 homes were sold. Southland sales counts have now increased on a year-over-year basis for the last fifteen months in a row.

"The market is strong, but certainly not overheating like we saw in the late '80s. Prices are still showing the early signs of a modest come-back," said Mike Ela, DataQuick president.

The median price paid for a Southern California home was $160,000 in February. That was the same as the month before and up 1.3 percent from $158,000 for February a year ago. The year-over-year change in median price has gone up or been flat every month since April last year.

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

While some of the current increase in price medians may be attributed to increased sales of larger homes, adjusted home values are still rising. The median square-foot price, which would adjust for shifts in market mix, was $109.99 in February for a Southland resale house. That was up 1.5 percent from $108.61 for February last year. The year-over-year square-foot price has increased the last ten months in a row, following a 50-month decline that started early 1991, DataQuick reported.

All Homes	No Sold Feb-96	No Sold Feb-97	Pct. Chng.	Med($K) Feb-96	Med($K) Feb-97	Pct. Chng.
Los Angeles	5,477	5,749	5.0	$161	$163	1.2
Orange County	2,359	2,319	-1.7	$189	$186	-1.6
San Diego	2,066	2,342	13.4	$163	$170	4.3
Riverside	1,592	1,722	8.2	$124	$127	2.4
San Bernardino	1,540	1,663	8.0	$118	$118	0.0
Ventura	692	647	-6.5	$186	$192	3.2
So. California	13,726	14,442	5.2	$158	$160	1.3

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1997 DataQuick Information Systems.
All rights reserved.

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