DQNews Archived Article

Southland Home Sales

by Real Estate Analyst John Karevoll
May, 1999

La Jolla, CA.— The number of Southern California homes sold in April increased on a year-over-year basis for the fortieth month in a row, while prices have risen for the past thirty-six months, a real estate information service reported.

A total of 26,968 new and resale houses and condos changed hands in Los Angeles, Orange, Riverside, San Diego, San Bernardino and Ventura counties in April. That was up 1.5 percent from 26,581 for March and up 9.0 percent from 24,734 for April a year ago, according to DataQuick Products Division.

April's number was the highest for any April this decade, but it falls somewhat short of the 28,726 sold in April 1989.

"With the economic climate as healthy as it is, we expect sales to stay at current levels or even increase a bit. The market is strong in all categories, and there really are no signs of any lopsided frenzy like we had ten years ago," said Mike Ela, leader of DataQuick Products Division.

The median price paid for a Southern California home was $189,000 in April. That was up 1.1 percent from $187,000 for March and up 3.3 percent from $183,000 for April a year ago.

The modest rise in median understates appreciation rates because lower-priced homes are selling better now than a year ago. Condo sales and Inland Empire sales are going up twice as fast as sales in other categories and regions, DataQuick reported.

When adjusted for shifts in market mix, prices are going up around ten percent. For example, the median price paid for a three-bedroom, two-bathroom 1,400 sq.ft. resale Southland house, was $171,000 last month, up 10.3 percent from $155,000 a year ago.

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 incomplete data for April.

Resale Houses

All Homes	No Sold	No Sold	Pct	Median	Median	Pct
	Apr-98	Apr-99	Chng	Apr-98	Apr-99	Chng
Los Angeles	9,152	$9,976	9.00%	$183K	$187K	2.20%
Orange County	4,589	$4,658	1.50%	$220K	$232K	5.50%
San Diego	4,405	$4,605	4.50%	$196K	$196K	0.00%
Riverside	2,915	$3,386	16.20%	$143K	$153K	7.00%
San Bernardino	2,435	$2,895	18.90%	$128K	$132K	3.10%
Ventura	1,238	$1,448	17.00%	$207K	$237K	14.50%
So. California	24,734	$26,968	9.00%	$183K	$189K	3.30%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1999 DataQuick Information Systems.
All rights reserved.

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