Southland Home Prices Reach New Record in March

April 25, 2001

La Jolla,CA--Strong demand and low mortgage interest rates fueled a home sales pace last month only moderately off year-ago levels, as prices reached a new peak in Southern California, a real estate information service reported.

A total of 26,010 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 44.1 percent from 18,050 for February, and down 9.1 percent from 28,609 for March last year, according to DataQuick Information Systems.

An increase from February to March is normal for the season. The year-ago March sales count was the strongest in a decade, a "normal" March is around 20,400.

"We are not seeing any cataclysmic changes in the market other than normal shifts in market mix. Buyers are not stretching their finances any more than normal, price increases are being offset by lower mortgage interest rates," said Mike Ela, DataQuick president.

The median price paid for a Southland home was $228,000 last month. That was up 5.6 percent from $216,000 for February and up 11.8 percent from $204,000 for March a year ago. All counties except San Bernardino set or equaled price peaks last month. San Bernardino County is absorbing a surge of entry-level buyers from other areas, activity that tugs the median down.

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 $1,163 in March. A year ago it was $1,183 and ten years ago it was $1,219, when interest rates were higher. The all-time peak was April 1989 at $1,360, DataQuick reported.

All Homes	No Sold Mar-00	No Sold Mar-01	Pct. Change	Median Mar-00	Median Mar-01	Pct. Change
Los Angeles	10,188	9,134	-10.3%	$192K	$218K	13.5%
Orange County	4,754	4,327	-9.0%	$260K	$292K	12.3%
San Diego	5,064	4,537	-10.4%	$230K	$260K	13.0%
Riverside	3,938	3,653	-7.2%	$160K	$180K	12.5%
San Bernardino	3,081	2,902	-5.8%	$136K	$145K	6.6%
Ventura	1,584	1,457	-8.0%	$269K	$278K	3.3%
So. California	28,609	26,010	-9.1%	$204K	$228K	11.8%

Source: DataQuick Information Systems

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

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