Southland Home Sales Dip, Prices Up

May 21, 2001

La Jolla,CA--Southland home sales dipped again in April as supply remained tight and potential move-up buyers put purchase plans on hold. Price increases are now spreading into entry-level markets, a real estate information service reported.

A total of 24,120 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 7.3 percent from 26,010 for March, and down 3.1 percent from 24,904 for April last year, according to DataQuick Information Systems.

"We're watching for signs of the economic slowdown in the real estate market, and can't really find any yet. There are some shifts in market mix, but most of the sales slowdown seems to be due to a lack of homes on the market or to a buying process that's partially clogged up with refinance activity," said Mike Ela, DataQuick president.

Homeowners are replacing old mortgages with cheaper ones at about four times last year's pace, DataQuick reported.

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 $224,000. That was down 1.8 percent from $228,000 in March, and up 11.4 percent from $201,000 for April a year ago. The medians in both San Diego and Riverside counties reached new peaks. Condos and other entry-level homes are now going up in value at rates equal to or exceeding the move-up and prestige markets.

The typical mortgage payment that Southland buyers committed themselves to paying was $1,164 in April. A year ago it was $1,153 when interest rates were higher. The all-time peak was April 1989 at $1,360, DataQuick reported.

All Homes	No Sold Apr-00	No Sold Apr-01	Pct. Change	Median Apr-00	Median Apr-01	Pct. Change
Los Angeles	9,182	8,921	-2.8%	$195K	$215K	10.3%
Orange County	4,033	3,740	-7.3%	$262K	$290K	10.7%
San Diego	4,275	3,956	-7.5%	$222K	$264K	18.9%
Riverside	3,425	3,437	0.4%	$157K	$182K	15.9%
San Bernardino	2,745	2,820	2.7%	$135K	$142K	5.2%
Ventura	1,244	1,246	0.2%	$256K	$255K	-0.4%
So. California	24,904	24,120	-3.1%	$201K	$224K	11.4%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

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