Southland sales surge

August 20, 2002

July Southern California home sales exercise fastest pace in 14 years

Inman News Features

Southern California home sales continued last month at their fastest pace since the late 1980s, the result of steady demand and reasonable mortgage interest rates, a real estate information service reported.

A total of 30,609 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, up 1.9 percent from 30,038 for the previous month, and up 5.8 percent from 28,944 for July of last year, according to DataQuick Information Systems.

Last month's sales count was the highest for any July since 1988 when 32,136 homes were sold, according to DataQuick. So far this year 198,502 homes have been sold, the most for the seven-month period since 1988. The previous high for the seven-month period was in 1989 when 195,673 were sold.

"With prices continuing to go up, we're starting to see more homes coming on to the market. We expect inventory to build up in expensive neighborhoods first, those were the first to see price and sales increases a few years ago," said DataQuick President Mike Ela.

The median price paid for a Southland home was $272,000 last month, down 0.4 percent from $273,000 in June, and up 16.2 percent from $234,000 in July of 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.

Copyright: Inman News Service

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