DQNews Archived Article

Southland Home Sales Strong

by Real Estate Analyst John Karevoll
September, 1998

La Jolla, CA.— Home sales in Southern California continued at a strong pace in August, although not at the decade-high pace of June and July. Price increases are still in the double digits, a real estate information service reported.

A total of 26,026 new and resale houses and condos were sold in Los Angeles, Ventura, Orange, San Diego, Riverside and San Bernardino counties in August. That was down 11.2 percent from 29,303 for July, and it was up 16.7 percent from 22,308 for August a year ago according to DataQuick Products Division.

The July number was the highest of the decade. A total of 189,336 homes have been sold so far this year, the most since 229,946 were sold during the first eight months of 1989.

"Sales are strong, but there really are no indications that the market is overheated. Prices are going up, but at a moderate pace. With these low interest rates, most buyers are not stretching their finances thin," said Mike Ela.

DataQuick Products Division monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The sales counts are estimated for San Bernardino County because of late data availability for the last day of August.

The median price paid for a Southland home was $187,000 in August. That was down 0.5 percent from $188,000 the month before and up 10.0 percent from $170,000 for August a year ago.

The year-over-year increase has been in the double digits since April. It may go back down below ten percent this fall as sales of smaller homes increase, and as Inland Empire sales go up. Price appreciation remains strong when adjusted for these shifts in market mix.

All Homes	No Sold	No Sold	Pct	Median	Median	Pct
	Aug-97	Aug-98	Chng	Aug-97	Aug-98	Chng
Los Angeles	8,707	9,609	10.40%	$173K	$187K	8.10%
Orange County	3,989	4,710	18.10%	$203K	$230K	13.30%
San Diego	3,649	4,454	22.10%	$173K	$198K	14.50%
Riverside	2,453	3,091	26.00%	$130K	$140K	7.70%
San Bernardino	2,304	2,775	20.40%	$124K	$130K	4.80%
Ventura	1,206	1,387	15.00%	$208K	$225K	8.20%
So. California	22,308	26,026	16.70%	$170K	$187K	10.00%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1998 DataQuick Information Systems.
All rights reserved.

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