DQNews Archived Article

Southland Price Jump

by Real Estate Analyst John Karevoll
May, 1998

La Jolla, CA.— While Southern California home sales rose to their highest levels in eight years in April, prices also increased at a double-digit rate for the first time since the late 1980s, a real estate information service reported.

A total of 24,734 new and resale houses and condos were sold in Los Angeles, Orange, Ventura, San Diego, Riverside and San Bernardino counties in April. That was up 8.0 percent from 22,899 for March and up 21.2 percent from 20,403 for April a year ago, according to DataQuick's Products Division.

The April sales count was the highest for any calendar month since 25,436 homes were sold in June 1990.

"Sales levels are a bit stronger than we anticipated, so are the current price increases. San Diego County is now the first Southland county where median prices are back up to previous highs," said Mike Ela, DataQuick leader.

The median price paid for a Southern California home in April was $183,000. That was up 2.2 percent from $179,000 for March and up 10.9 percent from $165,000 for April a year ago. April's median was the highest since August 1991 when it was also $183,000. April's year-over-year increase was the first of the 1990s over 10 percent.

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

San Diego County's overall median of $196,000 is the highest on record, surpassing last December's $192,000. The high median is due in part to high sales levels in prestige markets as well as sales of expensive newly built tract homes.