Southern California home sales surge in February

March 20, 2002

La Jolla,CA--Last month was the strongest February on record for Southern California home sales, the result of buyer confidence and reasonable mortgage interest rates.

A total of 22,484 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 2.1 percent from 22,011 for the month before, and up 24.6 percent from 18,040 for February last year, according to DataQuick Information Systems.

An increase from January to February is unusual for the season. Last month's sales count was the highest for any February in DataQuick's statistics, which go back to 1988.

"While some of this activity might be deferred buyer interest from the post 911 lull, indications are now that demand is strong at all levels and will stay strong through spring and into the summer. There seems to be a perception among buyers that interest rates have bottomed out and that there is no reason to wait," said Mike Ela, DataQuick president.

Entry-level and mid market homes are seeing the strongest sales increases and appreciation rates. Sales have been particularly strong in Riverside and San Bernardino counties which now account for 28 percent of all Southland sales, having passed the previous 27 percent peak of late 1989.

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 median price paid for a Southland home was $246,000 last month. That was up 4.2 percent from $236,000 for January, and up 13.4 percent from $217,000 for February last year. The year-over-year increase was the strongest since July 1989 when prices rose 14.7 percent to $179,000 from $156,000 a year earlier.

The typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,240 in February. A year ago it was $1,136. The all-time peak was April 1989 at $1,360 when interest rates were higher, DataQuick reported.

All Homes	No Sold Feb-01	No Sold Feb-02	Pct. Change	Median Feb-01	Median Feb-02	Pct. Change
Los Angeles	6,532	7,898	20.9%	$206K	$237K	15.0%
Orange County	2,707	3,497	29.2%	$286K	$317K	10.8%
San Diego	3,041	3,763	23.7%	$255K	$289K	13.3%
Riverside	2,704	3,264	20.7%	$177K	$200K	13.0%
San Bernardino	2,151	2,829	31.5%	$145K	$159K	9.7%
Ventura	905	1,233	36.2%	$253K	$303K	19.8%
So. California	18,040	22,484	24.6%	$217K	$246K	13.4%

Source: DQNews.com

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