DQNews Archived Article

SoCal Home Prices Rise

by Real Estate Analyst John Karevoll
April, 1997

La Jolla, CA.— Southern California home sales and prices rose again in March, providing further indication that the lagging real estate sector finally has become a part of the region's economic recovery, a real estate information service reported.

A total of 18,370 new and used houses and condos were sold in Los Angeles, Ventura, Orange, San Diego, Riverside and San Bernardino counties in March. That was up 27.2 percent from February's 14,442 and up 2.8 percent from 17,874 for March a year ago, according to DataQuick Information Systems.

A sales jump from February to March is normal for the season. March's year-over-year increase was the fifteenth in a row and sales levels are currently at their strongest since 1990.

"The underlying strength of today's market is the breadth of sales activity. No single home category dominates. Sales levels are strong in the entry-level market and on into the move-up and prestige markets. Condos and new homes are selling well. We expect this to continue at least through this summer and into the fall," said Michael Ela, DataQuick president.

The median price paid for a Southern California home was $163,000 in March. That was up 1.9 percent from $160,000 for both the month before and for March last year.

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

The median square-foot resale house price, which adjusts for these shifts in market mix, was $111.65 in March. That was up 1.0 percent from $110.53 for March last year. The year-over-year square-foot price has increased for the last eleven months in a row, following a 50-month decline that started early 1991, DataQuick reported.

All Homes

	No Sold Mar-96	No Sold Mar-97	Pct. Chng.	Med($K) Mar-96	Med($K) Mar-97	Pct. Chng.
Los Angeles	7,014	7,209	2.8	$162	$166	2.5
Orange County	3,060	3,065	0.2	$187	$193	3.2
San Diego	2,902	2,897	-0.2	$167	$171	2.4
Riverside	2,133	2,200	3.1	$127	$129	1.6
San Bernardino	1,829	2,116	15.7	$118	$120	1.7
Ventura	936	883	-5.7	$189	$197	4.2
So. California	17,874	18,370	2.8	$160	$163	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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