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DECLINE IN SOUTHERN CALIFORNIA HOME SALES LEVELED OFF SOMEWHAT IN OCTOBER

 RUNNING SPRINGS, Calif., Nov. 18 ~PRNewswire~ -- The decline in Southern California home sales leveled off somewhat in October as sellers got realistic about asking prices and buyers moved to take advantage of low interest rates, according to an industry newsletter.
 A total of 13,706 homes were sold in Los Angeles, Orange, San Diego, Ventura, Riverside and San Bernardino counties last month. That was up 6.8 percent from September's 12,838, but down 6.2 percent from 14,608 in October 1991, according to the Southern California Real Estate Observer.
 "A lot of people seem to think that interest rates are going to go up. They're getting off the fence and into the market," said John Karevoll, the newsletter's editor.
 The year-over-year dropoff in the number of home sales has been around 20 percent during the past six months. Last month's 6.2 percent decline was the lowest since April's 5.7 percent.
 While home sales were off sharply in the Inland Empire, they were up in San Diego and Orange counties. Sales trends often show up in Orange County a month or two before they appear in other markets.
 The median price paid for a single-family resale home in October was $181,000, the same as a year ago, according to the Observer.
 The median per square-foot price for a single-family resale home was $126 in October, down from $130 a year ago.
 Foreclosure proceedings were started on 6,779 Southland homeowners in October, up from 6,353 the month before but below August's peak of 7,316, the Observer reported.
 Single family No. Sold No. Sold Pct. Med (K) Med (K) Pct.
 resales Oct-91 Oct-92 Chng Oct-91 Oct-92 Chng
 Los Angeles 4,400 4,168 -5.3 pct. $192 $190 -1.0 pct.
 Orange County 1,356 1,468 8.3 pct. $223 $220 -1.3 pct.
 San Diego 1,435 1,487 3.6 pct. $178 $178 0.3 pct.
 Riverside 939 797 -15.1 pct. $133 $130 -2.3 pct.
 San Bernardino 1,321 1,053 -20.3 pct. $128 $126 -1.2 pct.
 Ventura 493 459 -6.9 pct. $220 $205 -6.8 pct.
 So. California 9,944 9,432 -5.1 pct. $181 $181 0.0 pct.
 Condo Resale No. Sold No. Sold Pct. Med (K) Med (K) Pct.
 Oct-91 Oct-92 Chng Oct-91 Oct-92 Chng
 Los Angeles 787 693 -11.9 pct. $153 $147 -3.9 pct.
 Orange County 385 429 11.4 pct. $148 $145 -1.7 pct.
 San Diego 558 521 -6.6 pct. $124 $125 0.8 pct.
 Riverside 145 123 -15.2 pct. $148 $137 -7.4 pct.
 San Bernardin 139 93 -33.1 pct. $105 $110 4.8 pct.
 Ventura 138 98 -29.0 pct. $148 $162 9.8 pct.
 So. California 2,152 1,957 -9.1 pct. $141 $139 -1.4 pct.
 New Homes No. Sold No.Sold Pct. Med (K) Med (K) Pct.
 Oct-91 Oct-92 Chng Oct-91 Oct-92 Chng
 Los Angeles 631 581 -7.9 pct. $175 $168 -4.0 pct.
 Orange County 426 417 -2.1 pct. $236 $232 -1.7 pct.
 San Diego 422 417 -1.2 pct. $222 $190 -14.6 pct.
 Riverside 476 483 1.5 pct. $145 $141 -2.8 pct.
 San Bernardin 451 350 -22.4 pct. $164 $170 3.4 pct.
 Ventura 106 69 -34.9 pct. $280 $307 9.6 pct.
 So. California 2,512 2,317 -7.8 pct. $190 $182 -4.2 pct.
 The Real Estate Observer gets its home sales numbers from San Diego-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.
 -0- 11~18~92
 ~CONTACT: John Karevoll, 714-867-7656~


CO: ST: California IN: FIN SU:

JL -- LA021 -- 2417 11~18~92 13:44 EST
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Date:Nov 18, 1992
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