Southland Home Sales, Prices Up in January

February 21, 2001

La Jolla,CA--The Southern California residential real estate market shrugged off talk of an economic slowdown and started 2001 at its fastest pace in ten years, as demand remained strong and buyers took advantage of attractive mortgage interest rates, a real estate information service reported.

A total of 18,178 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 28.2 percent from 25,323 for December, and up 9.2 percent from 16,650 for January last year, according to DataQuick Information Systems.

A decline from December to January is normal for the season. Last month's sales count was the highest for any January since 1990 when 20,430 homes were sold. While all Southland counties saw a rise in sales, the increase was strongest in Riverside and San Bernardino. The Inland Empire counties accounted for 27.2 percent of last month's sales, the highest since December 1989's record 27.5 percent.

"The first sign of an economic slowdown, when it comes, will be slower sales at the high end. We'll know by March if that's happening. Right now all categories are seeing strong sales, although entry-level markets are seeing the most growth," said Mike Ela, DataQuick president.

Last month's median sales price was $209,000. That was down 5.0 percent from $220,000 in December, and up 7.2 percent from $195,000 for January a year ago. The 7.2 percent year-over-year increase understates appreciation because of the growth in the entry-level market. When adjusted for shifts in market mix, Southland home values rose around 11 percent.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The typical mortgage payment that Southland buyers committed themselves to paying was $1,066 in December. Last year's high was $1,229 in May when interest rates were higher. The all-time peak was April 1989 at $1,360, DataQuick reported.

All Homes	No Sold Jan-00	No Sold Jan-01	Pct. Change	Median Jan-00	Median Jan-01	Pct. Change
Los Angeles	6,130	6,614	7.9%	$187K	$200K	7.0%
Orange County	2,607	2,746	5.3%	$251K	$276K	10.0%
San Diego	2,956	2,999	1.5%	$220K	$243K	10.5%
Riverside	2,117	2,629	24.2%	$150K	$165K	10.0%
San Bernardino	2,025	2,323	14.7%	$134K	$140K	4.5%
Ventura	815	867	6.4%	$254K	$258K	1.6%
So. California	16,650	18,178	9.2%	$195K	$209K	7.2%

Source: DataQuick Information Systems

For more information call John Karevoll (909)867-9534

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