Southland Home Sales High, Prices Up

August 23, 2001

La Jolla,CA--Home sales in Southern California surged in July, the result of moderate mortgage interest rates and pent-up demand for affordable homes. Prices went up at their fastest rate since 1989.

A total of 28,944 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 3.7 percent from 30,047 for the month before, and up 19.3 percent from 24,261 for July last year, according to DataQuick Information Systems.

So far this year 172,462 homes have been sold in the region, down 0.1 percent from 172,715 for the same seven-month period last year.

"Everyone is watching the numbers carefully for signs of the economic slowdown. So far, the only thing we've see is a sales drop-off in prestige neighborhoods, and that may be temporary. Demand for homes in entry-level and mid markets is strong," said Mike Ela, DataQuick president.

The median price paid for a Southland home was $234,000 last month, a new record. That was up 0.4 percent from $233,000 for June and up 14.1 percent from $205,000 for July last year. That year-over-year increase was the strongest since August 1989 when the median of $179,000 was up 14.7 percent from $156,000 a year earlier.

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 $1,220 in July. A year ago it was $1,167 when interest rates were higher. The all-time peak was April 1989 at $1,360, DataQuick reported.

All Homes	No Sold July-00	No Sold July-01	Pct. Change	Median July-00	Median July-01	Pct. Change
Los Angeles	9,015	10,825	20.1%	$198K	$231K	16.7%
Orange County	3,823	4,295	12.3%	$264K	$303K	14.8%
San Diego	4,154	4,913	18.3%	$228K	$267K	17.1%
Riverside	3,230	4,106	27.1%	$158K	$184K	16.5%
San Bernardino	2,826	3,229	14.3%	$143K	$145K	1.4%
Ventura	1,213	1,576	29.9%	$254K	$275K	8.3%
So. California	24,261	28,944	19.3%	$205K	$234K	14.1%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

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