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February Homes Sales Rise as Low Rates, Prices Lure Buyers

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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.

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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.

(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)

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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