Tourism industry may be on the rebound, Econowatch indicates.

In a sign that the Los Angeles tourism industry may be on the rebound, hotel occupancy rates rose nicely in August, according to this week's Econowatch.

For hotels in Los Angeles County, occupancy rates rose to an average 73.3 percent in August, a solid increase from the 67.0 percent occupancy rate in July. There was a similar increase in occupancy rates last August, but not as large -- and, in fact, this August showed a greater occupancy rate than the 72.9 percent rate of last August.

Room rates have remained pretty much flat in the last year, increasing to $75.19 a night this August from $74.12 last August.

Real estate news was not as positive. Home sales in Los Angeles County sank to 4,172 in September, off 25.5 percent from August, and off 8.3 percent from September a year ago, according to Dataquick Information Services.

Median single-family home prices in September stayed at $200,000 -- the same price as in December 1989. Thus, house price stability, not a collapse, seems to be the new California norm.

Condo sales in Los Angeles County also slumped in September to 755, off 31.4 percent from August, and off 25.1 percent from September a year ago. Condo prices are fairly stable, also.

Electric power consumption remained soft in August, according to City of Los Angeles Department of Water and Power figures. DWP produced 1,885 gigawatts worth of power in August, off 7.4 percent from 2,036 gigawatts in August of last year. However, power production is influenced by non-economic factors such as weather. For instance, this summer was cooler than last year's.

Econowatch, a compilation of Southland economic and business statistics, is published weekly by the Business Journal to keep tabs on local economic trends.

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