Southland Home Sales Drop 19% From Last Year’s Level

Sales of new and existing homes in Southern California dropped by more than 19% in the first five months of this year compared to the same period last year, according to TRW REDI, a nationwide real estate information company.

Between January and May, 65,438 single-family houses and condominiums closed escrow in the six-county region. The largest drop was recorded in San Diego and Orange counties, where sales were down by 30%, while in Los Angeles County sales were down by just under 12%.

A total of 9,330 newly built homes were sold in the first five months of 1995--15% lower than the level achieved last year, TRW REDI reported.