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Second-Quarter Home Sales Strongest in Five Years

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Southland home sales in the second quarter of 1996 were the strongest in more than five years, according to DataQuick Information Systems.

A total of 60,970 new and resale houses and condos was purchased during the April-to-June period, up 36.5% from 44,672 for the previous three-month period and up 24.8% 48,842 from last year’s second quarter, the real estate information service reported. Last quarter was the strongest since third-quarter 1990, when sales totaled 64,562.

“We’re actually close to what could be called a ‘normal’ market,” said Donald L. Cohn, DataQuick CEO. “Sales are up from the low levels of the past few years but still well below the overheated pace of 1989 and 1990.

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“Prices are stabilizing, and with today’s interest rates, homeownership is within reach of most potential buyers.”

The median price paid for a home last quarter was $162,000, up 0.6% from $161,000 a year ago. The year-over-year increase in median price was the first since 1991.

The rise in foreclosure activity that Southern California experienced earlier this year has declined significantly, DataQuick said. A total of 7,990 homeowners was drawn into the foreclosure process in June, the lowest number since 7,448 last September and well below the all-time peak of 10,831 last March.

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Second Quarter Home Sales

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All Homes Sold Sold Chng Med($K) Med($K) Chng ’95 ’96 ’95 ’96 Los Angeles 20,314 23,993 18.1% $164 $163 -0.6% Orange County 7,771 10,737 38.2% $195 $195 0.0% San Diego 7,297 9,349 28.1% $164 $168 2.4% Riverside 5,672 7,358 29.7% $127 $126 -0.8% San Bernardino 5,307 6,617 24.7% $121 $120 -0.8% Ventura 2,481 2,916 17.5% $188 $195 3.7% So. California 48,842 60,970 24.8% $161 $162 0.6%

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