Value of Homes in State Rose 8.2% Last Year

Recovery in California’s real estate market added $106 billion to the value of single-family homes and condominiums in the state the past year, boosting homeowners’ equity and helping to spark a surge in refinancing activity, a real estate information service said Friday.

By the end of 1997, the state’s 7 million homes were worth $1.398 trillion, up 8.2% from $1.292 trillion a year earlier, according to data compiled by Acxiom/DataQuick Information Systems.

However, the gain still leaves the state’s homes below their all-time high of $1.423 trillion reached in 1990, but up from the recent low of $1.256 trillion in 1995 after several years of property value declines.

Rising real estate prices are adding about $10 billion a month to home values, said Mike Ela, DataQuick’s president.

DataQuick reached the figures by conducting a computer appraisal of every home in the state and adding up the total. The survey included all properties that county tax assessors designated as houses or condos. Newly built homes that have not been sold were not included.

Values rose the most in Santa Clara, San Mateo, San Francisco and Santa Barbara counties, all of which had an increase of more than 12%.

In Southern California, values rose 7.3% in Orange County, 5.9% in Los Angeles County, 5.8% in San Diego County, 5.3% in Riverside County, 4.1% in Ventura County and 2.5% in San Bernardino County.