September Shows Home Sales Gain Second Month in Row

Home sales in Southern California exceeded year-ago levels for the second month in a row in September, led by especially strong sales activity in Los Angeles County, DataQuick Information Systems reported.

A total of 16,759 new and resale houses and condos were sold in September, up a modest 1.1% from 16,579 from September last year, but down 12.6% from August’s 19,168. A decline from August to September is normal for the season.

Prices are off by about 5% from year-ago levels, but appear to have bottomed out last spring. February’s median was $158,000 while the current median is $161,000. Some of the current price decline is due to shifts in market mix toward entry-level homes. Prices in high-end markets such as Pacific Palisades, Rolling Hills and Beverly Hills appear to be rising, DataQuick reported.

September Home Sales

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Counties No. Sold No. Sold Pct. $ (K) $ (K) Pct. 9/94 9/95 Chng. 9/94 9/95 Chng. Los Angeles 6,070 7,048 16.1% $171 $162 -5.3% Orange County 3,166 2,803 -11.5% $205 $193 -5.9% San Diego 2,862 2,569 -10.2% $171 $164 -4.1% Riverside 1,778 1,803 1.4% $130 $123 -5.4% San Bernardino 1,775 1,668 -6.0% $127 $121 -4.7% Ventura 925 868 -6.2% $193 $192 -0.5% So. California 16,576 16,759 1.1% $170 $161 -5.3%

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