Southland Home Sales Drop 16% From Same Period in ’94
A slowing economy and higher interest rates have caused home sales in Southern California to drop by 16% in the first quarter of this year compared to the same period last year, according to TRW REDI Property Data, a nationwide real estate information company.
Sales were down sharply in Orange and San Diego counties, 26% and 31% respectively, while the Los Angeles metropolitan area recorded a decline of nearly 7%.
TRW REDI’s figures, compiled from county records, show higher mortgage rates are having more of a negative impact on the move-up market, while activity has remained relatively stable among entry-level buyers.
Number of homes sold and average prices and respective change, first quarter, 1994, compared with first quarter, 1995:
Southland Home Sales
1st Qtr, 1994:
No. Ave. Los Angeles 16,731 229,776 Orange 7,691 238,846 Riverside 5,316 147,494 San Bernardino 5,208 132,991 San Diego 6,785 208,442 Ventura 1,907 225,845 S. California 43,638 206,687
*1st Qtr, 1995:
No. Ave. Los Angeles 15,603 218,868 Orange 5,677 235,692 Riverside 4,592 141,092 San Bernardino 4,253 127,152 San Diego 4,679 202,661 Ventura 1,724 226,250 S. California 36,528 200,389
*Change:
No. Ave. Los Angeles -6.7% -4.7% Orange -26.2% -1.3% Riverside -13.6% -4.3% San Bernardino -18.3% -4.4% San Diego -31.0% -2.8% Ventura -9.6% 0.2% S. California -16.3% -3.0%
Change in number of homes sold by price range:
Less than 100,000: 0.3%
100,000-175,000: -15.3%
175,001-250,000: -24.1%
250,001-325,000: -23.8%
325,001-400,000: -20.6%
More than 400,000: -22.8%
