Home prices hit peak last month in Southland

Home prices in Southern California set a new peak last month, the result of steady demand and affordable mortgage financing, according to DataQuick Information Services.

The median price Southland buyers paid for a home was $279,000 in September. That was up 0.4% from $278,000 for August and up 18.2% from $236,000 for September 2001. The year-over-year increase was the strongest since the late 1980s.

Sales counts were strong but not record-breaking. A total of 26,216 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in September. That was down 14.7% from 30,732 for August and up 5.8% from 24,777 for September 2001.

A decline in sales from August to September is normal for the season.