Southland Home Sales Strong in December

January 23, 2003

La Jolla,CA--Led by a strong activity in entry-level markets, home sales in Southern California surged last month to the strongest December since 1988.

A total of 29,485 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 15.2 percent from 25,601 for the month before, and up 18.4 percent from 24,913 for December last year, according to DataQuick Information Systems.

An increase from November to December is normal for the season. Last month's sales count was the highest for any December since 32,454 homes were sold in 1988.

"It still appears to be more buyers than sellers out there. With today's mortgage interest rates we expect current trends to continue," said John Karevoll, DataQuick analyst.

The median price that Southland buyers paid for a home was $289,000 last month, a record. That was up 0.3 percent from $288,000 for November, and up 17.0 percent from $247,000 for December 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 monthly mortgage payment that Southland buyers committed themselves to paying was $1,329 in December. A year ago it was $1,279. The all-time peak was April 1989 at $1,360 when interest rates were higher, DataQuick reported.

Indicators of market distress are still absent. Foreclosure rates are low, flipping rates are low, adjustable-rate mortgage usage is low, down payment sizes are stable and there have been no significant shifts in market mix, DataQuick reported.

All Homes	No Sold Dec-01	No Sold Dec-02	Pct. Chg	Median Dec-01	Median Dec-02	Pct. Chg
Los Angeles	8,788	10,207	16.1%	$233K	$279K	19.7%
Orange County	3,888	4,435	14.1%	$332K	$385K	16.0%
San Diego	4,093	4,920	20.2%	$286K	$357K	24.8%
Riverside	3,630	4,830	33.1%	$200K	$226K	13.0%
San Bernardino	3,154	3,644	15.5%	$159K	$174K	9.4%
Ventura	1,360	1,449	6.5%	$304K	$348K	14.5%
So. California	24,913	29,485	18.4%	$247K	$289K	17.0%

Source: DQNews.com

Media Inquiries: John Karevoll (909) 867-9534

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