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DQNews Archived Article
Southland Price Jump
by Real Estate Analyst John Karevoll
June, 1998La Jolla, CA.— Home prices in Southern California edged up another notch in May as sales volume reached its highest level in almost eight years, a real estate information service reported.
A total of 25,117 new and resale houses and condos were sold in Los Angeles, Ventura, San Diego, Riverside, San Bernardino and Orange counties last month. That was up 1.5 percent from 24,734 for the month before and up 17.2 percent from 21,427 for May last year according to DataQuick's Products Division.
May's sales count was the highest since June 1990 when 25,436 homes were sold.
"The numbers are all the more remarkable because these May closings reflect purchase decisions made in March when the weather wasn't all that nice. The number of homes on the market right now is low, setting the stage for further price increases," said Mike Ela, DataQuick Business Group Leader.
The median price paid for all homes in May was $186,000. That was up 1.6 percent from $183,000 for April and up 10.7 percent from $169,000 for May a year ago. The double-digit year-over-year increase was the second in a row.
The median sales price hasn't been this high for Southern California since July 1991 when it was $187,000. The low point of recent years was reached during the first few months of 1996 when the median dipped below $160,000, according to DataQuick.
The current increases in median home prices somewhat overstate price rebounds because of higher sales rates and appreciation rates in expensive markets. For Southern California as a whole, home values are roughly back to mid 1993 levels.
| All Homes | No Sold | No Sold | Pct | Median | Median | Pct |
| May-97 | May-98 | Chng | May-97 | May-98 | Chng | |
| Los Angeles | 8,133 | 9,152 | 12.50% | $169K | $183K | 8.30% |
| Orange County | 3,460 | 4,589 | 32.60% | $192K | $220K | 14.60% |
| San Diego | 3,152 | 4,405 | 39.80% | $173K | $196K | 13.30% |
| Riverside | 2,389 | 2,915 | 22.00% | $128K | $143K | 11.70% |
| San Bernardino | 2,295 | 2,435 | 6.10% | $121K | $128K | 5.80% |
| Ventura | 974 | 1,238 | 27.10% | $203K | $207K | 2.00% |
| So. California | 20,403 | 24,734 | 21.20% | $165K | $183K | 10.90% |
Source: DataQuick Information Systems
Media Inquiries: John Karevoll (909)867-9534
Copyright © 1998 DataQuick Information Systems.
All rights reserved.
