There were 15,116 unsold new housing units within the six counties of the Southland at the end of 1986, a new low, according to the Real Estate Research Council of Southern California's quarterly report released Thursday.
It was a drop of 29.4% below the 21,403 units outstanding at the end of 1985 and was a 3.6% fall from the previous low of 15,688 in mid-1986, due to a 41% decrease in completed units, said Michael Carney, executive director of the organization based at Cal Poly Pomona.
In contrast, he said, inventory in the form of units under construction rose 32% from mid-1986 to the end of the year.
Lower Interest Rates
"Recent low mortgage interest rates have clearly depleted unsold units that were completed and encouraged additional construction," he said.
The survey included homes in Orange, Riverside, San Bernardino, San Diego and Ventura counties and portions of Los Angeles County, but excludes, it was explained, central Los Angeles, the Westside and western San Gabriel Valley because of housing saturation in those areas.