Southland Home Sales Drop 15% From Last Year’s Level

Low interest rates and low prices failed to stir Southern California’s ho-hum summer sales pace as July logged in with a year-over-year decline for the eighth consecutive month, a real estate information service reported.

A total of 15,077 new and resale houses and condos were sold in Los Angeles, Orange, San Diego, Ventura, Riverside and San Bernardino counties last month. That was down 19.3% from 18,676 for June and down 15.3% from 17,791 for July a year ago, DataQuick Information Systems of La Jolla reported.

The median price paid for a Southland home was $162,000 in July. That was down 0.6% from $163,000 in June and down 4.7% from $170,000 in July last year.

“This change in price overstates the actual decline in home values. Right now, the houses that are selling are smaller and more basic than they were a year ago, when somewhat more expensive houses were selling,” said Donald L. Cohn, DataQuick CEO.

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Southland Home Sales in July

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County No. Sold No. Sold Pct Med(K) Med(K) Pct 7/94 7/95 Chng 7/94 7/95 Chng Los Angeles 7,393 6,308 -14.7% $172 $163 -5.2% Orange County 3,111 2,540 -18.4% $205 $198 -3.4% San Diego 2,806 2,214 -21.1% $168 $171 1.8% Riverside 1,815 1,634 -10.0% $132 $123 -6.8% San Bernardino 1,757 1,689 -3.9% $124 $121 -2.4% Ventura 909 692 -23.9% $191 $186 -2.6% So. California 17,791 15,077 -15.3% $170 $162 -4.7%

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