RECORD-BREAKING MONTH HOME SALES JUMP 12 PERCENT IN OCTOBER.Byline: Gregory J. Wilcox Staff Writer Southern California's housing market showed no signs of seasonal chill in October as sales increased 12 percent and the median price soared 19.8 percent, assuring the sector of its best year ever, an industry tracker said Wednesday. Last month, consumers bought 32,522 homes in the six-county region from Ventura to San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , said La Jolla-based DataQuick Information Systems. That's the best October since DataQuick began keeping records in 1988, in part because of continued strength in the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. . So far this year, 299,932 homes have sold in the region, up an annual 5.4 percent. ``It definitely will be a record,'' DataQuick analyst John Karevoll said of sales counts. The current DataQuick record is 343,769 sales in 1988. The median price then was $151,000, and, in October, it was $333,000. October's strong number, which includes new and previously owned homes and condominiums, is somewhat surprising. Karevoll thought that sales would ease after an interest-rate rise in midsummer prompted a buying surge. ``Perhaps some of what we thought was fence sitters fence sitter n. Informal One who takes a position of neutrality or indecision, as in a controversial matter. fence was just normal demand out there. That's probably the most likely explanation because this October number is quite strong.'' --In Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County, there were 11,805 sales, an increase of 13.3 percent. The median price, the point at which half the units sold for more and half for less, increased 21.6 percent to $332,000. --In Ventura County, sales increased 7.3 percent to 1,617 units, and the median price rose 21.1 percent to $401,000. --In Riverside County, sales increased 11.9 percent to 5,278 units, and the median price rose 19.1 percent to $262,000. --In San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. County, sales increased 8 percent to 3,988 units, and the median price gained 24.4 percent to $204,000. Last month, the interest rate on a traditional 30-year fixed loan averaged 5.54 percent, down from 5.83 percent in October 2002. The typical monthly mortgage payment that Southland south·land or South·land n. A region in the south of a country or an area. south  land·er n.Noun 1. buyers committed themselves to paying was $1,519 in October, up from $1,309 a year ago. Robert Kleinhenz, senior economist at the Los Angeles-based California Association of Realtors, said the group's tracking indicators also portend por·tend tr.v. por·tend·ed, por·tend·ing, por·tends 1. To serve as an omen or a warning of; presage: black clouds that portend a storm. 2. a strong October when its market report is released next week. ``The continued bounce 1. bounce - (Perhaps by analogy to a bouncing check) An electronic mail message that is undeliverable and returns an error notification (a "bounce message") to the sender is said to "bounce". 2. bounce - To play volleyball. The now-demolished D. C. in sales is contrary to what we usually see at this time of year,'' he said. Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com |
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