Home Sales Jump 34%--Biggest Rise Since 1988 : Real estate: Increase is in comparison to same month last year, a signal that the industry may be recovering.
In another strong signal that the local home building industry is recovering, sales of new and existing homes in Orange County jumped 34.2% during February compared to the same month last year, TRW Redi Property Data reported Thursday.
The increase was the biggest year-to-year monthly rise since November, 1988, when home sales were up 42.8%, the real estate information service said.
Though monthly sales figures don’t necessarily indicate a trend, the February increase came on the heels of very strong results for January, when local home sales increased 26.6% from the previous year. “Since this is a continuation of what we’ve seen the last couple of months, I would say it bodes well for the industry as a whole,” said Nima Nattagh(, market analyst for TRW Redi at its Riverside headquarters.
Last month 2,286 home sales closed in Orange County, compared to 1,704 transactions in February, 1993. For the six counties that make up the Southern California region, home sales increased 15.3%, with Orange County posting the biggest gain.
“This is a validation that the Orange County market has turned the corner,” said John Shumway, president of Market Profiles, a real estate consulting firm in Costa Mesa. “This is very strong evidence that we’re setting a foundation for recovery.”
Shumway said the sales figures hold a message for prospective homeowners.
“If they are interested in buying, housing inventories are at rock bottom, and interest rates are starting to creep up,” Shumway said. “So there is the possibility that home prices are going to start to increase by the end of the year.”
Home sales were up in every Southern California county during February, with Ventura showing the smallest gain at 8%. TRW said that was probably a result of January’s Northridge earthquake, which appeared to have a dampening effect on the number of home sales that closed.
Orange County Home Sales
Sales of new and existing homes in Orange County increased by more than 34% in February over last year’s level. The average price dropped 0.4% during the same period. Home prices throughout Southern California were up more than 15.3%, and Orange County posted the biggest gain.
FEBRUARY, 1993 FEBRUARY, 1994 ZIP Sales Avg. price Sales Avg. price Aliso Viejo 92656 68 $186,701 102 $199,882 Anaheim 92800 3 243,000 1 184,000 Anaheim 92801 11 168,864 21 173,333 Anaheim 92802 9 176,000 18 149,194 Anaheim 92804 17 169,906 26 162,288 Anaheim 92805 35 178,473 20 157,639 Anaheim 92806 9 200,714 19 183,333 Anaheim Hills 92807 22 271,553 47 253,423 Anaheim Hills 92808 26 250,692 51 291,969 Balboa 92661 0 -- 5 447,250 Balboa Island 92662 1 475,000 3 1,025,833 Brea 92621 20 229,525 23 217,429 Buena Park 90620 19 189,447 34 165,391 Buena Park 90621 15 168,333 11 174,773 Capistrano Beach 92624 8 219,357 5 212,167 Corona del Mar 92625 13 735,000 11 479,045 Costa Mesa 92626 29 251,889 22 228,857 Costa Mesa 92627 22 228,500 33 240,680 Cypress 90630 31 196,741 31 218,516 Dana Point 92629 18 244,959 31 266,550 El Toro Marine Base 92709 4 151,167 1 137,000 Foothill Ranch/L. Forest 92610 19 248,395 16 240,375 Fountain Valley 92708 33 221,900 42 240,675 Fullerton 92631 7 188,240 16 166,400 Fullerton 92632 14 181,500 12 160,292 Fullerton 92633 32 213,032 37 197,824 Fullerton 92635 15 239,633 17 283,969 Garden Grove 92640 26 160,615 32 155,333 Garden Grove 92641 20 184,031 13 168,830 Garden Grove 92643 11 158,600 14 156,929 Garden Grove 92644 11 164,545 7 150,000 Garden Grove 92645 11 211,409 14 192,000 Huntington Beach 92646 48 239,880 51 229,940 Huntington Beach 92647 22 220,136 34 210,206 Huntington Beach 92648 26 303,560 44 225,886 Huntington Beach 92649 7 354,929 15 291,821 Irvine 92714 48 225,837 61 223,525 Irvine 92715 15 291,107 27 277,558 Irvine 92718 0 -- 1 N/A Irvine 92720 22 270,714 30 233,014 La Habra 90631 29 184,054 37 179,200 La Palma 90623 7 231,071 6 208,167 Laguna Beach 92651 21 428,550 29 488,574 Laguna Hills 92653 77 235,349 67 222,928 Laguna Niguel/L. Beach 92677 75 290,984 102 311,221 Lake Forest 92630 54 198,274 62 187,322 La Mirada 90638 0 -- 1 N/A Los Alamitos/Rossmoor 90720 10 329,556 8 276,125 Midway City 92655 1 290,000 3 123,667 Mission Viejo 92691 64 195,965 59 199,585 Mission Viejo 92692 56 235,339 94 224,383 Mission Viejo 92690 1 225,000 7 229,643 Newport Beach 92660 20 516,947 25 430,560 Newport Beach 92663 17 426,029 35 448,726 Orange 92665 15 202,536 8 187,563 Orange 92666 4 201,250 5 152,200 Orange 92667 21 346,605 40 310,808 Orange 92668 6 181,500 13 157,091 Orange 92669 19 209,833 26 291,750 Pelican Hill 92657 0 -- 14 387,036 Placentia 92670 23 207,475 31 203,339 Portola/Trabuco/Coto 92679 27 279,820 76 283,178 Rancho Santa Margarita 92688 42 170,403 64 190,387 San Clemente 92672 44 278,102 56 242,035 San Clemente 92673 0 -- 9 279,833 San Juan Capistrano 92675 29 299,295 42 274,512 Santa Ana 92701 9 168,556 17 157,941 Santa Ana 92703 23 154,545 19 137,278 Santa Ana 92704 25 170,674 33 159,688 Santa Ana 92706 14 174,179 12 181,583 Santa Ana/Cowan Hgts. 92705 13 367,385 28 325,833 Santa Ana/S.A. Hgts. 92707 24 169,526 39 166,083 Seal Beach 90740 7 346,143 7 279,417 Silverado Canyon 92676 3 220,000 2 126,000 Stanton 90680 12 181,409 11 126,389 Sunset Beach 90742 0 -- 1 395,000 Trabuco Canyon 92678 3 196,000 2 155,000 Tustin 92680 51 215,059 63 217,992 Westminster 92683 26 203,154 57 181,609 Yorba Linda 92686 53 267,892 61 280,158 Yorba Linda 92687 5 300,900 12 311,318 Other -- 7 -- 5 305,100 County total 1,704 237,839 2,286 237,706
Source: TRW REDI Property Data
Researched by JANICE L. JONES / Los Angeles Times
