Southland Home Sales Remain at 3-Year High

Southland home sales in May remained at their highest level in three years, Dataquick Information Systems reported.

A total of 19,109 new and used houses and condos were sold in Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties in May. That was up 4% from 18,378 in April and up 27.4% from 15,001 in May last year.

The median price paid for a home last month was $168,000, down 1.2% from $170,000 in April and down 2.9% from $173,000 in May a year ago. Last year’s steep price declines appear to be leveling off, Dataquick analyst John Karavoll said. Overall prices reached a five-year low in January and February at a median $165,000.

San Diego and Orange County both experienced year-over-year price increases in the overall category. This was the first year-over-year increase for Orange County in 20 months. It was the sixth monthly increase in a row for San Diego County, which appears to be well ahead of the rest of Southern California in its real estate recovery.

“It’s encouraging that the recent increases in interest rates haven’t had more of an effect on sales volume,” said Dataquick chief executive officer Donald L. Cohn. “Instead of deciding not to purchase a home, buyers are choosing to finance with adjustable-rate mortgages instead of fixed. Lending institutions are also doing all they can to make purchase loans now that the refinance boom is over.”

Southland Home Resales

County Sold Sold Pct. Med(K) Med(K) Pct. May 93 May 94 Chng May 93 May 94 Chng Los Angeles 6,076 7,578 24.7% $178 $171 -3.9% Orange 2,681 3,378 26.0% $201 $202 0.5% San Diego 2,676 3,208 19.9% $168 $169 0.6% Riverside 1,332 2,060 54.7% $134 $128 -4.5% San Bernardino 1,485 1,880 26.6% $131 $126 -3.8% Ventura 751 1,005 33.8% $203 $183 -9.9% So. California 15,001 19,109 27.4% $173 $168 -2.9%