Housing Bubble
Southland home sales stong in March
May 21, 2003
La Jolla,CA--Homes continued to sell in Southern California at near record levels last month while the median price reached a new peak, the result of steady demand and low mortgage interest rates.
A total of 30,675 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 10.0 percent from 27,885 for the month before, and down 0.5 percent from 30,823 for April last year, according to DataQuick Information Systems.
Last month was the fifth strongest month of the last ten years, it was second strongest April that DataQuick has in its statistics, which go back to 1988.
"The statistics are broadly based. Sales counts are strong in every category from entry-level on up to prestige. Appreciation rates are strong across the board also," said Marshall Prentice, DataQuick president.
The median price that Southland buyers paid for a home was $307,000 last month, a new record. That was up 2.0 percent from $301,000 for March, and up 19.0 percent from $258,000 for April last year.
DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
The typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,368 in April, passing the previous high of $1,360 set in April 1989, DataQuick reported.
Indicators of market distress are still largely absent. Foreclosure rates are low, flipping rates are low, adjustable-rate mortgage usage is low, down payment sizes are stable and there have been no significant shifts in market mix, DataQuick reported.
| All Homes | No Sold Apr-02 |
No Sold Apr-03 |
Pct. Chg |
Median Apr-02 |
Median Apr-03 |
Pct. Chg |
| Los Angeles | 11,268 | 11,407 | 1.2% | $254K | $303K | 19.3% |
| Orange County | 4,925 | 4,607 | -6.5% | $337K | $402K | 19.3% |
| San Diego | 4,841 | 5,008 | 3.4% | $297K | $358K | 20.5% |
| Riverside | 4,623 | 4,643 | 0.4% | $202K | $240K | 18.8% |
| San Bernardino | 3,610 | 3,531 | -2.2% | $156K | $185K | 18.6% |
| Ventura | 1,556 | 1,479 | -4.9% | $317K | $370K | 16.7% |
| So. California | 30,823 | 30,675 | -0.5% | $258K | $307K | 19.0% |
Source: DataQuick
