Southland Housing Market Shows Signs of Stabilization

After four years of declining home sales in Southern California, the region’s housing market appears to have stabilized, according to TRW REDI Property Data.

TRW REDI’s statistics, which are based on county recordation of property transfers, show that sales of new and existing single-family homes and condominiums in 1993 dropped by 1.3% from 1992 levels--a substantial improvement from an 11.4% drop in the 1991-1992 period.

Orange and Ventura counties, where the decline in sales was reversed into nominal increases, have emerged as the bright spots in the region.

TRW REDI notes that average selling prices continue to drop throughout Southern California, partly because homes selling in the more affordable price ranges, less than $175,000, are now accounting for a larger share of the transactions--51.8% in 1993 compared to 48.3% in 1992.

Southland Home Sales 1991-93

NUMBER OF ALL HOMES SOLD

No. Sold No. Sold No. Sold Change Change 1991 1992 1993 91-92 92-93 Los Angeles 85,416 73,939 72,217 -13.4% -2.3% Orange 34,917 30,352 30,683 -13.1% 1.1% Riverside 24,041 20,973 20,914 -12.8% -0.3% San Bernardino 25,412 22,501 21,220 -11.5% -5.7% San Diego 28,521 27,238 27,197 -4.5% -0.2% Ventura 8,719 8,394 8,845 -3.7% 5.4% S. California 207,026 183,397 181,076 -11.4% -1.3%

AVERAGE SELLING PRICES OF ALL HOMES

Ave. Price Ave. Price Ave. Price Change Change 1991 1992 1993 91-92 92-93 Los Angeles $250,178 $243,559 $234,036 -2.6% -3.9% Orange $253,724 $249,017 $242,515 -1.9% -2.6% Riverside $154,459 $154,135 $146,299 -0.2% -5.1% San Bernardino $141,815 $139,454 $134,937 -1.7% -3.2% San Diego $211,733 $209,959 $205,522 -0.8% -2.1% Ventura $243,412 $238,119 $234,381 -2.2% -1.6% S. California $221,097 $216,314 $209,686 -2.2% -3.1%

PERCENTAGE OF ALL HOMES SOLD BY PRICE RANGE IN SOUTHERN CALIFORNIA

Price 1992 1993 $100,000 and less 8.1% 8.9% $100,001-$175,000 40.2% 42.9% $175,001-$250,000 27.9% 26.5% $250,001-$325,000 11.5% 10.5% $325,001-$400,000 5.3% 4.9% $400,001-$600,000 4.5% 4.2% $600,001-$1,000,000 1.8% 1.7% $1,000,000 and more 0.6% 0.4%