STATE HOME SALES RISE FOR 13TH MONTH : PRICES SLUMP OR STAGNATE IN MOST OF VALLEY.Byline: Gregory J. Wilcox Daily News Staff Writer California home sales increased for the 13th consecutive month in October, rising 7.7 percent from the previous year's level and maintaining an annual pace not seen since 1989, a trade group said Monday. Gains came in most sections of the state, including a 10.3 percent jump 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, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. statistics from the California Association of Realtors. Prices, though, remained soft, with fewer than half of the tracked communities recording gains in the median price, the point at which half the homes sold for more and half for less. Prices fell in Los Angeles County and through most of the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. . The median price did increase in the Southeast Valley. Sales have jumped 21.4 percent during the year's first 10 months compared with a lackluster lack·lus·ter adj. Lacking brightness, luster, or vitality; dull. See Synonyms at dull. Adj. 1. lackluster - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" 1995. Leslie Appleton-Young, vice president of economics and public policy for the Realtors Association, predicted that sales will reach 500,000. That would put the market close to its record of 562,240 in 1988. She said an especially encouraging sign is that October's sales remained strong even though they were initiated as interest rates on fixed mortgages increased during August and September. Those rates have since retreated, which means the momentum could carry over into the new year. Last month, fixed mortgage interest rates averaged 7.89 percent, down from an average of 8.23 percent in September, but up from 7.48 percent in October 1995, according to the Federal Home Loan Mortgage Corp. For adjustable mortgages, interest rates averaged 5.63 percent in October, down from 5.85 percent in September and 5.74 percent in October 1995. The statewide median price of an existing, single-family detached home A single-family detached home, or single-family home or detached house for short, also variously known as a single-detached dwelling or separate house sold during October fell to $174,100, down 3.1 percent from $179,740 in September and down 1 percent from a year ago. The Realtors group expects prices to start to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective next year. Nima Nattagh, an analyst at Experian, formerly TRW TRW The Real World (TV reality show) TRW The Right Way TRW Tactical Reconnaissance Wing TRW The Retriever Weekly (University of Maryland, Baltimore, MD) TRW Thompson Ramo Wooldridge Inc Redi Property Data, said prices in the Valley are still recovering from the 1994 Northridge Earthquake The Northridge earthquake occurred on January 17, 1994 at 4:31 AM Pacific Standard Time in the city of Los Angeles, California. The earthquake had a "strong" moment magnitude of 6. . ``The supply (of homes) is good but demand has not increased to a point to result in considerable gains in value,'' he said. CAPTION(S): Chart Chart: Median home prices |
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