DQNews Archived Article

Southland Home Sales

by Real Estate Analyst John Karevoll
November, 1998

La Jolla, CA.— Southern California's real estate market forged through the month of October relatively unaffected by the turbulence in financial markets and the temporary jump in mortgage interest rates, a real estate information service reported.

A total of 24,021 new and resale houses and condos were sold in Los Angeles, Orange, Ventura, San Bernardino, San Diego and Riverside counties in October. That was down 4.2 percent from 25,083 for the month before, and up 4.9 percent from 22,898 for October a year ago, according to DataQuick Products Division.

October's sales count was the strongest for any October of the decade. At the current sales pace, the number of Southland homes sold in 1998 will reach 285,000, up 18.4 percent from 240,664 for 1997, and the highest sales count since 342,090 homes were sold in 1989.

"Interest rates jumped half a point during the first week of October, then settled back. We don't think very many potential buyers were put off by the jump. Some escrow closings may have been shifted forward a week or two, so that some October activity will be logged in for November instead," said Mike Ela, leader of DataQuick Products Division.

The median price paid for a Southland home was $184,000 in October. That was down 0.5 percent from $185,000 for September and up 7.6 percent from $171,000 for October last year. Prices have been going up on a year-over-year basis for over two years, DataQuick reported.

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 two days of October.

All Homes	No Sold	No Sold	Pct	Median	Median	Pct
	Oct-97	Oct-98	Chng	Oct-97	Oct-98	Chng
Los Angeles	9,146	8,916	-2.50%	$172K	$185K	7.60%
Orange County	4,173	3,913	-6.20%	$208K	$230K	10.60%
San Diego	3,631	4,022	10.80%	$178K	$199K	11.80%
Riverside	2,388	3,018	26.40%	$131K	$138K	5.30%
San Bernardino	2,445	2,840	16.20%	$122K	$129K	5.70%
Ventura	1,115	1,312	17.70%	$200K	$216K	8.00%
So. California	22,898	24,021	4.90%	$171K	$184K	7.60%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1998 DataQuick Information Systems.
All rights reserved.

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