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SOUTHERN CALIFORNIA REAL ESTATE OBSERVER REPORTS SOUTHERN CALIFORNIA HOME SALES

              SOUTHERN CALIFORNIA REAL ESTATE OBSERVER
               REPORTS SOUTHERN CALIFORNIA HOME SALES
    RUNNING SPRINGS, Calif., June 19 /PRNewswire/ -- Southern California home sales totaled a disappointing 15,779 in May, down slightly from April's 15,814, and down 23.1 percent from 20,531 in May last year, according to a real estate industry newsletter.
    The median price paid for a single-family resale house in Ventura, Los Angeles, Orange, Riverside, San Bernardino and San Diego counties was $189,000 last month, up 1.6 percent from $186,000 the month before (see chart). That was off 3.6 percent from $196,000 in May 1991, according to the Southern California Real Estate Observer.
    Both sales volume and prices peaked last year in May.
    Entry-level houses are still selling briskly while condo sales have dropped.  Move-up homes are still slow sellers, while sales at the high-end are flat, according to the newsletter.
    The unrest in Los Angeles has had no effect on closed sales yet, both prices and sales levels were relatively unchanged in May. Houses in South Central Los Angeles sell for a median price of $124,000.
    The Southern California Real Estate Observer is a six-to-eight page monthly newsletter that draws a detailed picture of current Southland sales trends by volume, price range, category and geographic area.
    Sales volume is up sharply in Castaic, Imperial Beach, Dana Point, Murrieta and San Marcos.  Volume is way off in Sherman Oaks, Lake Forest, Chatsworth, Tarzana and Gardena.
    Prices are up in Barstow, Beverly Hills, Arcadia, Huntington Beach and Redlands.  Prices are down in Venice, Mission Hills, Big Bear, Laguna Niguel and Chatsworth.
    While the newsletter gets its data from many different sources, information on sales trends is acquired from La Jolla-based Dataquick Information Systems.
    Other Observer news:
    Lenders started foreclosure proceedings on 4,559 homeowners in Southern California last month.
    L.A.'s median SFR price last month: $204,000.  L.A.'s average SFR price last month: $272,643.
    As of May 31st there were 3,060,764 houses in the six-county region.
    Median per square-foot price for houses was $130.66 last month, up from $128.08 in April, down from $132.27 a year ago.
    Most common real estate agent surnames: Smith, Johnson, Lee, Miller, Brown, Williams, Jones, Anderson, Clark, Davis.
    Upcoming topics in the newsletter include bottom-feeding, nasty appraisals, tight-fisted lenders and non-agent sales.
    Single-family resale prices:
                     May      April     May           May 91/92
    County           1991     1992      1992          Change
    Los Angeles      $215K    $200K     $204K         -5.1 pct.
    Orange County    $230K    $225K     $230K          0.0 pct.
    San Diego        $180K    $177K     $180K          0.0 pct.
    Riverside        $131K    $130K     $128K         -2.3 pct.
    San Bernardino   $130K    $131K     $129K         -0.4 pct.
    Ventura          $217K    $212K     $212K         -2.3 pct
    So. California   $196K    $186K     $189K         -3.6 pct.
    Home Sales(A) - number sold
                     May      April      May          May 91/92
    County           1991     1992       1992         Change
    Los Angeles      8,525    6,077      6,337       -25.7 pct.
    Orange County    3,598    2,507      2,487       -30.9 pct.
    San Diego        3,151    2,919      2,681       -14.9 pct.
    Riverside        1,956    1,614      1,613       -17.5 pct.
    San Bernardino   2,235    1,909      1,860       -16.8 pct.
    Ventura          1,066      788        801       -24.9 pct
    So. California  20,531   15,814     15,779       -23.1 pct.
    (A)  "Arms length" single-family residence, condo and new home sales.
    -0-                     6/19/92 R
    /CONTACT:  John Karevoll, 714-867-7656/ CO:  Real Estate Observer ST:  California IN:  FIN SU: JL -- LA013 -- 2094 06/19/92 17:17 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jun 19, 1992
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