Your Mortgage : 11% Drop in Home Sales From 1992

Slightly more than 82,000 homes were purchased in the six-county Southern California region in the first half of 1993, a drop of 11% from the same period last year, according to TRW REDI Property Data’s monthly housing report.

“Housing demand is now running about half the level recorded at the height of the market in 1988,” said Nima Nattagh, TRW REDI’s market analyst.

Concurrent with a decline in home purchases, there has been a shift of activity in favor of homes priced at less than $175,000. So far this year, more than 51% of transactions took place within that price range compared to 48% in the first six months of 1992.

Average home prices in the Southland, unadjusted for the mix of properties sold, declined by 3.4% in the first six months of this year compared to the same period last year.

Southland Home Sales

Charts compare sales and prices of homes in Southern California in January-June, 1992 and January-June, 1993.

County No. Homes No. Homes Percent Sold Sold Change Jan.-June, ’92 Jan.-June, ’93 Los Angeles 37,050 33,393 -9.9% Orange 15,274 13,676 -10.5% Riverside 10,673 9,352 -12.4% San Bernardino 11,366 9,490 -16.5% Ventura 4,069 3,995 -1.8% San Diego 13,568 12,180 -10.2% So. California 92,000 82,086 -10.8% County Ave. Price Ave. Price Percent Homes Sold Homes Sold Change Jan.-June, ’92 Jan.-June, ’93 Los Angeles $246,947 $236,675 -4.2% Orange $251,092 $242,640 -3.4% Riverside $157,562 $147,779 -6.2% San Bernardino $139,287 $135,940 -2.4% Ventura $237,753 $232,307 -2.3% San Diego $210,697 $203,196 -3.6% So. California 218,306 210,843 -3.4%

Homes Sold by Range Jan.-June, Jan.-June, 1992 1993 $100,000 and less 8.2% 8.9% $100,000-$175,000 39.5% 42.3% $175,001-$250,000 27.9% 26.8% $250,001-$325,000 11.8% 10.6% $325,001-$400,000 5.4% 4.9% $400,001-$600,000 4.7% 4.2% $600,001-$1,000,000 1.9% 1.7% $1,000,000 and up 0.5% 0.5%