Mixed August for Southland Home Market

September 15, 2004

La Jolla,CA----Sales trends differed sharply in local Southern California markets last month. Orange County experienced its weakest August in eight years while the Inland Empire experienced its strongest August ever, a real estate information service reported.

A total of 31,131 homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in August. That was down 5.6 percent from July's 32,988 and down 9.6 percent from a near record 34,437 for August last year, according to DataQuick Information Systems.

"Within this medley of statistical trends, a couple of things are still clear. Many buyers in move-up and prestige areas are getting skittish, while buyers in more affordable areas are still quite active. And while prices overall are still going up, they're not going up as fast as they were earlier this year," said Marshall Prentice, DataQuick president.

The median price paid for a Southern California home was $407,000 last month, another record. That was up 1.2 percent from $402,000 in July, and up 20.4 percent from $338,000 for August 2003. The year-over- year price increase was the lowest so far this 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 $1,832 in August, down from $1,846 for the previous month and up from $1,582 for August a year ago. The typical payment is still about 13 percent below the prior peak of $2,092 (inflation-adjusted) for April 1989.

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. Slight recent increases in flipping rates and non-owner occupied buying activity have leveled off, DataQuick reported.

All Homes	No Sold Aug-03	No Sold Aug-04	Pct. Chg	Median Aug-03	Median Aug-04	Pct. Chg
Los Angeles	11,874	10,710	-9.8%	$338K	$407K	20.4%
Orange County	5,511	3,745	-32.0%	$435K	$543K	24.8%
San Diego	5,919	5,580	-5.7%	$389K	$483K	24.2%
Riverside	5,332	5,579	4.6%	$260K	$334K	28.5%
San Bernardino	4,066	4,319	6.2%	$207K	$261K	26.1%
Ventura	1,735	1,198	-31.0%	$404K	$514K	27.2%
So. California	34,437	31,131	-9.6%	$338K	$407K	20.4%

Source: DQNews.com

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