Southland Home Sales Dip, Prices Up in February

March 20, 2001

La Jolla,CA--Home sales in Southern California dipped last month as buyers of up-market homes took a wait-and-see attitude amid reports of a potential economic slowdown, a real estate information service reported.

A total of 18,050 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 0.7 percent from 18,178 for January, and down 9.6 percent from 19,977 for February last year, according to DataQuick Information Systems.

"Is the sales decline a lull in activity? Or the start of a downturn? It's too early to tell, February is an atypical month when it comes to home sales and we can't read too much into the numbers," said Mike Ela, DataQuick president.

The sales decline was stronger in move-up markets than it was in entry-level markets, indicating that discretionary purchase decisions are being put on hold.

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.

Last month's median sales price was $216,000. That was up 3.3 percent from $209,000 in January, and up 9.6 percent from $197,000 for February a year ago. The 9.6 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.

The typical mortgage payment that Southland buyers committed themselves to paying was $1,131 in February. 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 Feb-00	No Sold Feb-01	Pct. Change	Median Feb-00	Median Feb-01	Pct. Change
Los Angeles	6,986	6,532	-6.5%	$191K	$206K	7.9%
Orange County	3,409	2,707	-20.6%	$250K	$286K	14.4%
San Diego	3,462	3,041	-12.2%	$218K	$255K	17.0%
Riverside	2,846	2,753	-3.3%	$154K	$175K	13.6%
San Bernardino	2,303	2,112	-8.3%	$133K	$144K	8.3%
Ventura	971	905	-6.8%	$259K	$253K	-2.3%
So. California	19,977	18,050	-9.6%	$197K	$216K	9.6%

Source: DataQuick Information Systems

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

Copyright © 1999 DataQuick Information Systems.
All rights reserved.