February Homes Sales Rise as Low Rates, Prices Lure Buyers

Home sales in Southern California rose again in February as first-time buyers took advantage of low mortgage interest rates and low prices, according to DataQuick Information Systems in La Jolla.

A total of 13,726 new and resale houses and condos were sold in Ventura, Los Angeles, Orange, San Bernardino, Riverside and San Diego counties last month. That was up 5% from 13,072 in January, and up 24.7% from 11,004 for February of last year. The month-to-month increase from January to February is unusual for the season.

Last month’s sales count was the highest for any February since 1990 when 14,935 homes were sold.

Last month’s sales activity also indicated that price declines may be leveling. The median price paid for a home was $158,000 in February, the same as a year ago and up 0.6% from January’s $157,000.

In Los Angeles County, where price declines have been most severe, the median price for a resale house rose 0.6% to $163,000 from $162,000 a year ago. That was the first year-over-year price increase in four years.

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Southland Home Sales

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County No. Sold No. Sold Pct Med (K) Med (K) Pct Feb-95 Feb-96 Chng Feb-95 Feb-96 Chng Los Angeles 4,612 5,477 18.8% $158 $161 1.9% Orange County 1,800 2,359 31.1% $191 $189 -1.0% San Diego 1,518 2,066 36.1% $164 $163 -0.6% Riverside 1,334 1,592 19.3% $125 $124 -0.8% San Bernardino 1,182 1,540 30.3% $121 $118 -2.5% Ventura 558 692 24.0% $183 $186 1.6% So. California 11,004 13,726 24.7% $158 $158 0.0%

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