Unsold Units Increase Over Year-End ’83 : But Total of 25,623 Is Well Below Record Highs Set in 1982

The current supply of new unsold housing units in the six-county Southern California region totaled 25,623, up 23% from the 20,801 at year-end 1983, up 20.6% from the 21,247 counted at mid-year 1984, and the highest level since mid-1982, according to Ben Bartolotto, president of the Real Estate Research Council of Southern California.

The data was released at Thursday’s fourth-quarter meeting of the council at Taix Les Freres French Restaurant and reflects the housing recovery in Los Angeles, Ventura, Riverside, Orange, San Bernardino and San Diego counties, he said.

The number of both single-family detached houses and attached units increased, although the latter category increased by slightly more units. New single-family units under construction increased by 17% to 5,807 units, while completed and unsold single-family houses increased by 37% to 5,408 units. The total unsold inventory of 10,942 units is up 23% from mid-year 1984 and 44% above year-end 1983.

Attached units followed the trend of single-family houses, increasing 19% from mid-year 1984 to 14,410 total unsold units at year-end. Units under construction increased 24% to 4,454, while completed units were up 15% to 9,956.

The survey was conducted for the real estate council by M.P.S.I Americas Inc., San Diego, and differs from previous surveys conducted by the council in several respects, according to David L. Parry, the group’s executive director.

The M.P.S.I. Americas survey includes tracts with 10 or more units, while previous council surveys counted tracts of five or more units. Too, the survey dates are different from previous inventory counts. The overall effect of the differences is minimal, Parry concluded.

With 7,385 unsold units at year-end 1984, Los Angeles County had the largest number. It also had the biggest percentage increase--33.8%--over mid-year 1984.

San Diego County, with 5,605 unsold units, was second and had the second highest percentage increase--27.4%--over mid-year 1984, while Riverside County, with 5,038 unsold units, was third and also had the third highest percentage increase--22.6%--over mid-year 1984.

Orange County had 3,437 unsold units, and the smallest percentage increase over mid-year 1984 with 1.4%. San Bernardino had 2,227 unsold units and a 14.4% increase over mid-year 1984, while Ventura County had 1,933 unsold units and the second smallest percentage increase--2.7%--over mid-year 1984.