The mid-year 1987 inventory of unsold new housing in six Southland counties fell to a new low of 12,221, down 22.1% from the 15,688 unsold units at mid-year 1986, and 19.2% from the 15,116 at year-end 1986, according to the Real Estate Research Council of Southern California.
The inventory of unsold attached units in Los Angeles, Orange, Ventura, Riverside, San Bernardino and San Diego counties declined to 4,611 units--the lowest level in the decade, according to Michael Carney, executive director of the Pomona-based research group.
Compared to mid-year 1986, the unsold inventory of single-family detached houses fell 7%, while unsold attached units fell 39%, Carney said. The report was released at Thursday's quarterly meeting of the council at the Mayfair Hotel.
The latest six-month fall in unsold inventory--the third in a row--was different in composition from the previous decrease, Carney said.
In the second half of 1986, total unsold inventory fell because completed units decreased (while units under construction increased), and detached inventory rose slightly, while attached units fell, he said.