Southland Housing Demand Down 6% Compared to 1992

Housing demand in Southern California fell by more than 6% in the first eight months of this year compared to the same period a year ago, according to TRW REDI Property Data’s monthly report.

The rate of decline was much sharper in the Inland Empire, where home sales declined by 9%. These latest statistics by TRW REDI show that San Bernardino, where demand fell by just under 12%, has emerged as the county hit hardest by the downturn. In contrast, Ventura county registered a slight increase of 1% in home-sale activity.

“While it is true that Southern California is still experiencing a decline in housing demand, figures show that the rate of decline has slowed down considerably,” said Nima Nattagh, TRW REDI’s market analyst.

In the first eight months of 1992 home-sale activity was down by more than 14% compared to a similar period in 1991.

Between January and August, average prices of homes sold, unadjusted for the mix of properties, fell by 3.2% from the same period last year.

Southland Home Sales

Number of all homes sold in Southern California for the periods of January-August, 1992, and January-August, 1993.

Jan.-Aug., Jan.-Aug., Percent 1992 1993 Change Los Angeles 49,898 46,624 -6.6% Orange 20,401 19,321 -5.3% Riverside 14,218 13,213 -7.1% S. Bernardino 15,248 13,473 -11.6% Ventura 5,590 5,656 1.2% San Diego 18,242 17,095 -6.3% So. California 123,597 115,382 -6.6%

Average prices of all homes sold in Southern California for the periods of January-August, 1992 and January-August, 1993.

Jan.-Aug., Jan.-Aug., Percent 1992 1993 Change Los Angeles $245,410 $235,435 -4.1% Orange $250,204 $242,936 -2.9% Riverside $155,796 $147,228 -5.5% San Bernardino $139,461 $136,003 -2.5% Ventura $238,078 $235,049 -1.3% San Diego $210,921 $204,024 -3.3% So. California $217,514 $210,521 -3.2%