Record March for Southland Home Sales

April 16, 2004

La Jolla,CA----Home sales continued to surge in Southern California as buyers scramble to take advantage of low mortgage interest rates. Prices increased at their fastest pace in over fifteen years, a real estate information service reported.

A total of 32,650 homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in March. That was up 41.9 percent from February's 23,004 and up 17.1 percent from 27,885 for March last year, according to DataQuick Information Systems.

An increase from February to March is normal for the season. Last month's sales count was the highest for any March that DataQuick has in its statistics, which go back to 1988. Both Riverside and San Bernardino counties had all-time sales records, which is uncommon for a non-summer month.

"We're in for a hectic summer season. There aren't enough homes for sale to meet demand. Also, the perception is that interest rates may edge up a bit, creating an added element of urgency," said Marshall Prentice, DataQuick president.

The median price paid for a Southern California home was $371,000 last month, a new record. That was up 5.7 percent from $351,000 in February, and up 23.3 percent from $301,000 for March 2003. The year- over-year price increase was the strongest in DataQuick's statistics. An earlier peak was reached in May 1989 when the $176,000 median was up 22.2 percent from $144,000 a year earlier.

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 $1,606 in March, up from $1,542 for the previous month and up from $1,344 for March a year ago. In today's dollars, the payment reached $2,070 in April 1989. Interest rates would have to go up to 7.5 percent, or the median would have to go up to $479,000 to rereach that monthly mortgage burden, DataQuick reported.

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

All Homes	No Sold Mar-03	No Sold Mar-04	Pct. Chg	Median Mar-03	Median Mar-04	Pct. Chg
Los Angeles	9,712	10,875	12.0%	$290K	$375K	29.3%
Orange County	4,359	4,902	12.5%	$394K	$485K	23.1%
San Diego	4,439	5,245	18.2%	$363K	$425K	17.1%
Riverside	4,477	5,939	32.7%	$237K	$300K	26.6%
San Bernardino	3,472	4,173	20.2%	$183K	$221K	20.8%
Ventura	1,426	1,516	6.3%	$359K	$461K	28.4%
So. California	27,885	32,650	17.1%	$301K	$371K	23.3%

Source: DQNews.com

Media Inquiries: John Karevoll (909) 867-9534

Copyright © 2004 DataQuick Information Systems.
All rights reserved.