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West Riverside County Sees Sales Drop

March 24, 1985

The seasonal year-end slowdown contributed to a 19.7% decrease in new home sales in western Riverside County during the fourth quarter of 1984 from the previous quarter, according to the current issue of Residential Trends, a quarterly housing report from Costa Mesa-based Market Profiles.

The numerical decline was from 1,227 sales in the third quarter of last year to 985 in the fourth. However, lower home prices, lower mortgage rates and a stronger economy are expected to stimulate sales through the first half of 1985, the publication added.

While detached sales during the fourth quarter dropped by 23.5% to 825, detached homes continued to dominate the western Riverside County sub-market, accounting for 83.7% of the region's sales. During the same period, absorption of attached housing increased by 12 units, from 148 to 160.

Detached home sales were most heavily concentrated in the $65,000-$125,000 bracket (85.2%), while 63.7% of the attached homes sold were in the $50,000-$65,000 range (63.7%). Overall, sales prices declined 5.6%, broken down into detached homes, down 2.6%, and attached housing, more than 21%.

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