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SOUTHERN CALIFORNIA HOME SALES DOWN IN AUGUST

 SOUTHERN CALIFORNIA HOME SALES DOWN IN AUGUST
 RUNNING SPRINGS, Calif., Sept. 17 /PRNewswire/ --The economic


downturn and loss of jobs in Southern California took a heavy toll on home sales in August, a real estate newsletter reported.
 A total of 12,769 homes were sold in Los Angeles, Ventura, Orange, Riverside, San Bernardino and San Diego counties last month. That was down 15.7 percent from 15,154 in July, and down a whopping 29.9 percent from 18,203 in August last year, according to the Southern California Real Estate Observer.
 "Prices are coming down too, but not by as much as they were a few months ago," said John Karevoll, editor of the Running Springs- based newsletter.
 The median sales price for a single-family resale house in the six-county area was $183,000 in August (see chart), the same as July's median, but down 4.2 percent from $191,000 in August last year.
 "Mid-sized houses in established neighborhoods seem to be selling at stable price levels. We're seeing a significant drop-off in prices for larger houses in relatively new subdivision areas," Karevoll said.
 Lending institutions started foreclosure proceedings on 7,316 Southland homes in August, the Real Estate Observer reported. That was up six percent from a revised 6,901 the month before.
 Chart
 Number Number
 Single-family Sold Sold Pct. Median Median Pct.
 resale Aug. 91 Aug. 92 Chng Aug. 91 Aug. 92 Chng
 Los Angeles 5,599 3,884 -30.6 pct. $200 $195 -2.5 pct.
 Orange County 1,838 1,233 -32.9 pct. $232 $225 -3.0 pct.
 San Diego 1,813 1,414 -22.0 pct. $188 $177 -5.6 pct.
 Riverside 935 884 -5.5 pct. $140 $130 -7.5 pct.
 San Bernardino 1,532 1,111 -27.5 pct. $130 $129 -0.8 pct.
 Ventura 611 442 -27.7 pct. $225 $215 -4.4 pct.
 So. Calif. 12,328 8,968 -27.3 pct. $191 $183 -4.2 pct.
 Number Number
 Condo Resale Sold Sold Pct. Median Median Pct.
 Aug. 91 Aug. 92 Chng Aug. 91 Aug. 92 Chng
 Los Angeles 1,101 615 -44.1 pct. $153 $152 -0.3 pct.
 Orange County 497 280 -43.7 pct. $150 $147 -2.0 pct.
 San Diego 740 483 -34.7 pct. $123 $126 2.4 pct.
 Riverside 191 136 -28.8 pct. $133 $131 -1.1 pct.
 San Bernardino 140 100 -28.6 pct. $110 $108 -1.8 pct.
 Ventura 149 110 -26.2 pct. $151 $147 -2.6 pct.
 So. Calif. 2,818 1,724 -38.8 pct. $141 $139 -1.4 pct.
 Number Number
 New Homes Sold Sold Pct. Median Median Pct.
 Aug. 91 Aug. 92 Chng Aug. 91 Aug. 92 Chng
 Los Angeles 949 466 -50.9 pct. $181 $158 -12.5 pct.
 Orange County 537 373 -30.5 pct. $239 $258 7.7 pct.
 San Diego 491 369 -24.8 pct. $202 $209 3.5 pct.
 Riverside 462 399 -13.6 pct. $156 $133 -14.7 pct.
 San Bernardino 516 356 -31.0 pct. $174 $150 -14.1 pct.
 Ventura 102 114 11.8 pct. $260 $235 -9.6 pct.
 So. Calif. 3,057 2,077 -32.1 pct. $192 $183 -4.7 pct.
 The sales numbers include all so-called "arms length" transactions. Sales to immediate family members and transfers of ownership to trusts would not be included.
 -0- 9/17/92
 /CONTACT: John Karevoll of Dataquick, 714-867-7656/ CO: Dataquick ST: California IN: SU:


JB -- LA035 -- 0872 09/17/92 17:17 EDT
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Date:Sep 17, 1992
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