Southland Home Sales Edge Down, Prices Edge Up in November
December 20, 2001
La Jolla,CA--Home sales in Southern California were down
slightly last month from high year-ago levels, the result of tight
inventory and stretched-out escrows. Prices edged up to a new record.
A total of 22,795 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 11.8 percent from 25,840 for the
month before, and down 6.9 percent from 24,486 for November last
year, according to DataQuick Information Systems.
A decline from October to November is normal for the season. The
sales count for November last year was the highest for any November
since 1989. So far this year 278,260 Southland homes have been sold,
up 0.6 percent from 276,571 last year, and the most since 313,103
were sold during January to November in 1989.
"A number of factors play into the market these days. In
addition to some financial uncertainty, interest rates are low,
inventory is tight, and the refinance boom is straining real estate
industry resources and causing escrow times to lengthen. This last
factor will add a week or two to closings, pushing some November
activity into December," said Mike Ela, DataQuick president.
Pushed up by a surge of new home sales, the median reached
$238,000 last month, a new record. That was up 2.1 percent from
$233,000 in October, and up 9.2 percent from $218,000 for November a
year ago.
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 $1,192 in November. A year ago it was $1,194
when interest rates were higher. The all-time peak was April 1989 at
$1,360, DataQuick reported.
| All Homes |
No Sold
Nov-00 |
No Sold
Nov-01 |
Pct.
Change |
Median
Nov-00 |
Median
Nov-01 |
Pct.
Change |
| Los Angeles |
8,695 |
8,192 |
-5.8% |
$209K |
$230K |
10.0% |
|
Orange County |
4,250 |
3,603 |
-15.2% |
$281K |
$322K |
14.6% |
|
San Diego |
4,195 |
3,489 |
-16.8% |
$246K |
$274K |
11.4% |
|
Riverside |
3,208 |
3,318 |
3.4% |
$168K |
$192K |
14.3% |
|
San Bernardino |
2,864 |
2,939 |
2.6% |
$145K |
$148K |
2.1% |
|
Ventura |
1,274 |
1,254 |
-1.6% |
$266K |
$291K |
9.4% |
|
So. California |
24,486 |
22,795 |
-6.9% |
$218K |
$238K |
9.2% |
Source: DataQuick Information Systems
Media Inquiries: John Karevoll (909)867-9534