Southland Home Sales Dip, Prices Stable

October 19, 2001

La Jolla,CA--Southland home sales slowed down in September as some potential buyers decided to wait and see what effects the events of September 11 might have on the market.

A total of 24,777 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 23.5 percent from 32,386 for the month before, and down 5.3 percent from 26,151 for September last year, according to DataQuick Information Systems.

The drop in sales from August to September is normal for the season. The August sales count was the highest since June 1989 when 32,968 homes were sold. So far this year 229,625 homes have been sold in the region, up 0.9 percent from 227,605 for the same nine month period last year.

"Most of the home purchases that closed escrow during the last half of September were already in escrow September 11. Backing out of a signed purchase agreement is a lot harder than deciding not to buy in the first place. We'll know a more about any change in purchase patterns with next month's numbers," said Mike Ela, DataQuick president.

The median price paid for a Southland home was $236,000 last month. That down up 0.4 percent from August's record $237,000, and up 10.8 percent from $213,000 for September last year.

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 $1,186 in September. A year ago it was $1,185 when interest rates were higher. The all-time peak was April 1989 at $1,360, DataQuick reported.

All Homes	No Sold Sep-00	No Sold Sep-01	Pct. Change	Median Sep-00	Median Sep-01	Pct. Change
Los Angeles	9,415	8,831	-6.2%	$206K	$231K	12.1%
Orange County	4,171	3,736	-10.4%	$277K	$305K	10.1%
San Diego	4,625	4,116	-11.0%	$235K	$275K	17.0%
Riverside	3,379	3,653	8.1%	$168K	$189K	12.5%
San Bernardino	3,176	3,069	-3.4%	$142K	$147K	3.5%
Ventura	1,385	1,372	-0.9%	$268K	$287K	7.1%
So. California	26,151	24,777	-5.3%	$213K	$236K	10.8%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

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