Southland home prices and sales jump (again)

July 15, 2004

La Jolla,CA----Home sales in Southern California surged again in June as prices reached new highs, the result of strong demand and an increased number of homes on the market, a real estate information service reported.

A total of 34,731 homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in June. That was up 11.5 percent from May's 31,151 and up 10.7 percent from 31,369 for June last year, according to DataQuick Information Systems.

Last month's sales count was the highest since 35,339 homes were sold in August 1988. Sales in San Bernardino and Riverside counties hit record highs.

"There are still more buyers than sellers out there, but the increase in the number of For Sale signs means there's more balance between supply and demand. We expect sales to remain strong throughout the summer. We also expect appreciation rates to ease back somewhat during the next few months," said Marshall Prentice, DataQuick president.

The median price paid for a Southern California home was $406,000 last month, a new record. That was up 2.5 percent from $396,000 in May, and up 26.5 percent from $321,000 for June 2003.

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 $1,928 in June, up from $1,884 for the previous month and up from $1,348 for June a year ago.

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

All Homes	No Sold Jun-03	No Sold Jun-04	Pct. Chg	Median Jun-03	Median Jun-04	Pct. Chg
Los Angeles	10,662	11,673	9.5%	$313K	$414K	32.3%
Orange County	4,755	4,749	-0.1%	$414K	$540K	30.4%
San Diego	5,192	6,208	19.6%	$390K	$464K	19.0%
Riverside	5,303	6,343	19.6%	$255K	$319K	25.1%
San Bernardino	3,903	4,292	10.0%	$195K	$246K	26.2%
Ventura	1,554	1,466	-5.7%	$396K	$500K	26.3%
So. California	31,369	34,731	10.7%	$321K	$406K	26.5%

Source: DQNews.com

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