Surge Eases for Southland Home Market

August 18, 2004

La Jolla,CA----Southern California's heated pace of home sales and price increases cooled a few degrees in July as buyers mulled over a wider selection of homes for sale, a real estate information reported.

A total of 32,988 homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July. That was down 5.0 percent from June's near-record 34,371 and down 1.7 percent from 33,561 for July last year, according to DataQuick Information Systems.

Orange and Ventura counties, the most expensive of the region, saw marked sales declines. San Bernardino County, the least expensive, saw record sales.

"These numbers show some expected market adjustments, but are no indication of any impending downturn. Last month was the second strongest July ever for sales, behind last year. Appreciation is still strong, just not as strong as earlier in the year," said Marshall Prentice, DataQuick president.

The median price paid for a Southern California home was $402,000 last month. That was down 1.0 percent from $406,000 in June, and up 22.6 percent from $328,000 for July 2003. Year-over-year price increases peaked at 26.9 percent in May.

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 $1,846 in July, down from $1,928 for the previous month and up from $1,442 for July a year ago.

Indicators of market distress are still largely absent. Foreclosure rates are low, down payment sizes are stable and shifts in market mix are minor, DataQuick reported. Flipping rates are increasing somewhat, but are still relatively low.

All Homes	No Sold Jul-03	No Sold Jul-04	Pct. Chg	Median Jul-03	Median Jul-04	Pct. Chg
Los Angeles	11,926	11,549	-3.2%	$328K	$406K	23.8%
Orange County	5,046	4,193	-16.9%	$428K	$525K	22.7%
San Diego	5,687	5,658	-0.5%	$382K	$472K	23.6%
Riverside	5,398	5,972	10.6%	$254K	$327K	28.7%
San Bernardino	3,977	4,335	9.0%	$196K	$257K	31.1%
Ventura	1,527	1,281	-16.1%	$403K	$502K	24.6%
So. California	33,561	32,988	-1.7%	$328K	$402K	22.6%

Source: DQNews.com

Media Inquiries: John Karevoll (909) 867-9534

Copyright © 2004 DataQuick Information Systems.
All rights reserved.