Southland Home Prices Keep Rising in May

Southern California home prices continued a steady rise in May, even as sales counts leveled off, according to a real estate information service. The median price of new and resale homes and condos in six Southern California counties climbed to $193,000 in May, 3.8% higher than in the same period last year, according to data compiled by Acxiom/DataQuick. The median means that half the homes sold in May cost more than $193,000 and half cost less. A total of 25,614 homes changed hands in Los Angeles, Orange, Ventura, Riverside, San Bernardino and San Diego counties last month, 2% more than in May 1998. In Los Angeles County, May sales were up 2% over a year ago, with the median increasing 0.5%. Orange County’s median rose 6.6%, but sales fell by 5.1%. Ventura County sales fell 0.3%, while the median shot up 11.3%. In Riverside County, sales increased 6.5%, and the median price rose 9.1%. San Bernardino saw sales rise 9.6%, while the median price increased 3.1%. (Because of incomplete data, sales counts for San Bernardino are estimates.) Although the regional median price is at an all-time high, it understates the rise in home values because of shifts in the mix of homes sold, said DataQuick’s John Karevoll. The median price paid for a three-bedroom, two-bath, 1,400-square-foot house was $177,000, up 14.2% from $155,000 a year ago.