Southland home sales surged in August as buyers got off the fence to take advantage of low prices and low mortgage interest rates, a real estate information service reported.
A total of 10,701 single-family resale homes were sold in Los Angeles, Orange, Ventura, San Diego, Riverside and San Bernardino counties last month. While down slightly from July’s 10,891, the August total was 19.3% ahead of 8,968 for August last year, Dataquick Information Systems reported.
Sales were particularly strong in Orange County where the August total of 1,780 was 44.4% ahead of 1,233 for August, 1992. Ventura County’s total was up 34.8%, San Diego’s was up 22.7% and Los Angeles experienced a 15% increase in sales.
Sales volume for the first eight months of this year have now passed sales levels for the same period last year in Los Angeles, Orange and Ventura counties, Dataquick reported.
Sales levels also increased in other home categories. Condo sales were 24.1% ahead of year-ago levels and new home sales jumped 57% in August.
The median price paid for a single-family resale home was $178,000 in August, down 2.7% from $183,000 a year ago.
The Dataquick numbers count all “arms-length” sales and are published monthly in the Southern California Real Estate Observer.