Southland Home Sales Up 25%

Sales of new and existing homes in Southern California jumped by more than 25% in the second quarter of 1994 compared to the same period last year, according TRW REDI Property Data, a real estate information company.

“Southern California’s housing market is clearly emerging from recession,” said Nima Nattagh, TRW REDI market analyst. TRW REDI’s figures, which are based on closed escrow transactions, show that sales have been particularly buoyant for entry-level existing homes. That market sector now accounts for 52.4% of all home purchases compared to 50.3% a year ago.

Builders have also seen significant market improvements. Sales of new homes, which constitute 13% of overall purchases, increased by 6.7% in the second quarter. All counties in the region have posted strong gains in new home sales, with the exception of Los Angeles County.

Second Quarter Home Sales

1993 1994 Change No. Sold Ave. No. Sold Ave. No. Price Los Angeles 18,734 $240,212 23,566 233,725 25.8% -2.7% Orange 8,099 $243,815 10,205 238,155 26.0% -2.3% Riverside 5,358 $148,711 6,776 147,458 26.5% -0.8% San Bernardino 5,254 $137,198 6,399 133,561 21.8% -2.7% San Diego 6,956 $205,584 8,633 210,887 24.1% 2.6% Ventura 2,383 $226,032 3,008 230,234 26.2% 1.9% So. California 46,784 $213,454 58,587 211,402 25.2% -1.0%