15-year peak for Southland home sales

Home sales in Southern California reached their highest level in 15 years last month, the result of sustained demand and reasonable mortgage interest rates, a real estate information service reported.

A total of 33,561 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July. That was up 7% from 31,369 for the month before, and up 9.6% from 30,609 for July last year, according to DataQuick Information Systems.

The sales count was the highest since September 1988, when 34,653 homes were sold. San Bernardino and Riverside counties set sales records in July.

Southern California sales so far this year have now passed last year’s for the same period. From January to July, 200,160 homes were sold; in 2002 the number for the first seven months was 198,502.

The median price that Southland buyers paid for a home was $328,000 last month, a record high. That was up 2.2% from $313,000 for June, and up 20.6% from $272,000 for July last year.