Appraised values of specific existing homes in the seven-county Southland area increased 9.3% to $163,000 from April, 1986 to April, 1987, and 5.1% since last October, according to the Real Estate Research Council of Southern California.
The figures are based on tracking 214 selected single-family detached houses, some since 1943. The houses have been appraised every six months in Los Angeles, Orange, San Diego, Riverside, San Bernardino, Ventura and Santa Barbara counties and represent the average of the market prices of the houses in the sample, according to Michael Carney, executive director of the Pomona-based research organization.
The figures do not represent the average price of all houses in each community, nor the average price of houses actually sold, he said.
The market price index for the seven-county area reached 352 in April (1975=100), up from 335 last October and 322 in April, 1986, according to the report released at the council's meeting at Cal Poly Pomona.