Printer Friendly

DECLINE IN SOUTHERN CALIFORNIA HOME SALES CONTINUED TO LEVEL OFF IN NOVEMBER

 RUNNING SPRINGS, Calif., Dec 18 /PRNewswire/ -- The decline in Southern California home sales continued to level off in November as buyers got off the fence to take advantage of lower priced resale houses, according to an industry newsletter.
 A total of 12,689 new and used houses and condos were sold last month in Los Angeles, Ventura, Orange, San Diego, Riverside and San Bernardino counties (see chart). That was 7.4 percent lower than October's 13,706 and 6.3 percent below the 13,537 for November last year, according to the Southern California Real Estate Observer.
 Single-family detached sales were actually slightly up, from 8,794 in November last year to 8,803 in November this year. Sales were particularly strong in San Diego and Orange counties.
 The Observer gets its home sales information from La Jolla-based Dataquick Information Systems. The numbers include all so-called "arms-length" transactions. Sales to immediate family members and transfers of ownership to trusts would not be included.
 The median price paid for a resale house last month was $180,000, down 1.6 percent from $183,000 in November last year.
 "First-time buyers will buy a small house instead of a condo if they can. Especially now with the low mortgage interest rates and a market where sellers are willing to negotiate," said John Karevoll, editor of the newsletter.
 Large homes are not selling well and many potential sellers are holding their houses off the market, waiting for prices to pick up, the newsletter reported.
 Foreclosure proceedings were started on 5,786 homes in the Southland last month, the lowest monthly total since March. The total was 6,779 in October -- that number peaked in August at 7,316.
 Single family No. Sold No. Sold Pct. Med($K) Med($K) Pct.
 resales Nov-91 Nov-92 Chng Nov-91 Nov-92 Chng
 Los Angeles 3,967 3,860 -2.7 pct. $195 $190 -2.6 pct.
 Orange County 1,220 1,304 6.9 pct. $225 $218 -3.1 pct.
 San Diego 1,327 1,435 8.1 pct. $178 $177 -0.8 pct.
 Riverside 770 770 0.0 pct. $129 $129 0.0 pct.
 San Bernardino 1,111 1,005 -9.5 pct. $128 $127 -0.8 pct.
 Ventura 399 429 7.5 pct. $212 $205 -3.3 pct.
 So. California 8,794 8,803 0.1 pct. $183 $180 -1.6 pct.
 Condo No. Sold No. Sold Pct. Med($K) Med($K) Pct.
 Nov-91 Nov-92 Chng Nov-91 Nov-92 Chng
 Los Angeles 734 646 -12.0 pct. $153 $155 1.3 pct.
 Orange County 292 314 7.5 pct. $151 $148 -1.7 pct.
 San Diego 486 415 -14.6 pct. $124 $125 1.2 pct.
 Riverside 166 100 -39.8 pct. $130 $145 11.5 pct.
 San Bernardino 124 71 -42.7 pct. $116 $114 -1.3 pct.
 Ventura 109 103 -5.5 pct. $150 $149 -0.3 pct.
 So. California 1,911 1,649 -13.7 pct. $140 $143 2.1 pct.
 New Homes No. Sold No. Sold Pct. Med(K) Med(K) Pct.
 Nov-91 Nov-92 Chng Nov-91 Nov-92 Chng
 Los Angeles 775 552 -28.8 pct. $173 $159 -7.8 pct.
 Orange County 520 395 -24.0 pct. $234 $245 4.9 pct.
 San Diego 568 358 -37.0 pct. $199 $183 -8.0 pct.
 Riverside 486 448 -7.8 pct. $154 $130 -15.6 pct.
 San Bernardino 406 409 0.7 pct. $180 $163 -9.2 pct.
 Ventura 77 75 -2.6 pct. $268 $265 -1.1 pct.
 So. California 2,832 2,237 -21.0 pct. $189 $177 -6.3 pct.
 -0- 12/18/92
 /CONTACT: John Karevoll, 714-867-7656/


CO: ST: California IN: FIN SU:

JL -- LA016 -- 8263 12/18/92 13:42 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 18, 1992
Words:622
Previous Article:EVEN LAST-MINUTE HOLIDAY GIFTS CAN BE 'GREEN'
Next Article:APPLIANCE RECYCLING CENTERS OF AMERICA, INC. ANNOUNCES AGREEMENT TO PURCHASE PROPERTY
Topics:


Related Articles
SOUTHERN CALIFORNIA HOME SALES UP 10.1 PERCENT IN APRIL, ACCORDING TO THE SOUTHERN CALIFORNIA REAL ESTATE OBSERVER
SOUTHERN CALIFORNIA REAL ESTATE OBSERVER REPORTS SOUTHERN CALIFORNIA HOME SALES
SOUTHLAND HOME SALES DROP IN JULY
SOUTHERN CALIFORNIA HOME SALES UP IN DECEMBER
CALIFORNIA HOME SALES JUMP IN NOVEMBER FROM OCTOBER AND YEAR AGO
CALIFORNIA EXISTING HOME SALES DECLINE SLIGHTLY DURING NOVEMBER
CALIFORNIA EXISTING HOME SALES DECLINE DURING JANUARY FROM MONTH AGO AND UNUSUALLY STRONG PACE OF JANUARY 1994
NOVEMBER HOME SALES, PRICES NOSE-DIVE IN REGION.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters