Strong Southland Home Sales in May

June 18, 2003

La Jolla,CA--With strong sales in every category and price range, home sales in Southern California continued at near record levels last month as prices moved up to a new peak.

A total of 31,387 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 2.3 percent from 30,675 for the month before, and down 3.1 percent from 32,391 for May last year, according to DataQuick Information Systems.

The sales count for May last year was the highest for any May in DataQuick's statistics, which go back to 1988. Last month was the second strongest May.

"The numbers for last month would probably have been record- breaking if it weren't for all the refinance activity which is straining capacity at lending institutions, title companies, escrow companies and appraisers. There is no reason to expect any slowdown this summer or fall," said Marshall Prentice, DataQuick president.

The median price that Southland buyers paid for a home was $312,000 last month, a new record. That was up 1.6 percent from $307,000 for April, and up 18.2 percent from $264,000 for May 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 $1,344 in May, down from $1,369 for the previous month and up from $1,327 for May a year ago, DataQuick reported.

Indicators of market distress are still largely 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 May-02	No Sold May-03	Pct. Chg	Median May-02	Median May-03	Pct. Chg
Los Angeles	11,753	10,863	-7.6%	$258K	$313K	21.3%
Orange County	5,091	4,747	-6.8%	$346K	$398K	15.0%
San Diego	5,297	5,047	-4.7%	$315K	$375K	19.0%
Riverside	4,974	5,265	5.9%	$202K	$241K	19.3%
San Bernardino	3,615	3,940	9.0%	$152K	$186K	22.4%
Ventura	1,661	1,525	-8.2%	$322K	$387K	20.2%
So. California	32,391	31,387	-3.1%	$264K	$312K	18.2%

Source: DQNews.com

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