Prices Rise at Fastest Rate in 10 Years

Home prices in Southern California increased at the fastest rate of the decade last month as sales volume also continued at the strongest pace of the 1990s, a real estate information service reported.

The median price paid for a home in Los Angeles, Orange, San Diego, Ventura, San Bernardino and Riverside counties was $172,000 in September. That was up 1.2% from $170,000 the month before and up 6.8% from $161,000 for September last year, according to Acxiom/DataQuick Information Systems of La Jolla.

The 6.8% year-over-year price jump was the strongest since December 1989, when the median went up 7.9% from $164,000 to $177,000. The current median is at its highest level since July 1993, when it was also $172,000.

Los Angeles County showed the strongest price increase last month, going up 7.4% from $162,000 a year ago to $174,000.

A total of 21,320 new and resale houses and condos were sold in September. That was down 4.4% from 22,308 for August and was up 23.1% from 17,323 for September last year. A decline from August to September is normal for the season. Sales counts for each of the last three calendar months have been the strongest of the 1990s.

DataQuick/Acxiom monitors real estate activity nationwide and provides information to consumers, lending institutions, title companies and industry analysts.

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Home Sale Prices for September

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Counties No. Sold No. Sold Pct Median Median Pct 9/96 9/97 Chng 9/96* 9/97* Chng Los Angeles 6,942 8,224 18.5% $162 $174 7.4% Orange County 2,933 3,953 34.8% $193 $207 7.3% San Diego 2,658 3,457 30.1% $170 $176 3.5% Riverside 2,048 2,384 16.4% $131 $132 0.8% San Bernardino 1,885 2,247 19.2% $118 $124 5.1% Ventura 857 1,055 23.1% $190 $202 6.3% So. California 17,323 21,320 23.1% $161 $172 6.8%

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* Prices are in thousands of dollars.