Southland Home Sales Up, Prices Stable

November 26, 2001

La Jolla,CA--Home sales in Southern California rose last month, the result of low mortgage interest rates and a strong market for entry-level houses.

A total of 25,840 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 4.3 percent from 24,777 for the month before, and up 5.6 percent from 24,480 for October last year, according to DataQuick Information Systems.

Last month's sales count was the highest for any October since 1989 when 29,653 homes were sold. So far this year 255,465 Southland homes have been sold, up 1.3 percent from 252,085 last year.

"While potential buyers in move-up and prestige markets are holding back, entry-level buyers are jumping in. A lot of people are qualifying for home loans now that couldn't have a year ago because of today's lower interest rates and more inclusive lending standards," said Mike Ela, DataQuick president.

The median price paid for a Southland home was $233,000 last month. That is down 1.3 percent from September's $236,000, and up 9.2 percent from $214,000 for October 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 $1,143 in October. A year ago it was $1,186 when interest rates were higher. The all-time peak was April 1989 at $1,360, DataQuick reported.

All Homes	No Sold Oct-00	No Sold Oct-01	Pct. Change	Median Oct-00	Median Oct-01	Pct. Change
Los Angeles	8,940	9,411	5.3%	$203K	$227K	11.8%
Orange County	4,139	3,909	-5.6%	$284K	$310K	9.2%
San Diego	4,352	3,942	-9.4%	$241K	$272K	12.9%
Riverside	3,089	4,007	29.7%	$163K	$190K	16.6%
San Bernardino	2,764	3,179	15.0%	$142K	$146K	2.8%
Ventura	1,196	1,392	16.4%	$258K	$287K	11.2%
So. California	24,480	25,840	5.6%	$214K	$233K	8.9%

Source: DataQuick Information Systems

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