Prices of existing homes surveyed in October by the Real Estate Research Council of Southern California increased an average 12.3% from April--an annualized rate of 24.6%--and rose 21% from the October, 1987, survey prices.
The study of 214 houses in Los Angeles, Orange, Ventura, Santa Barbara, San Bernardino, Riverside and San Diego counties resulted in a seven-county average of $217,900, up from $192,600 in April and $178,200 in October, 1987.
This is the fourth consecutive survey showing escalating double-digit home price inflation in Southern California, according to Michael Carney, executive director of the Pomona-based research organization.
"Not since the late 1970s have Southern California home prices appreciated at rates as high as these," Carney said.
Los Angeles Led
The average in Los Angeles County was the highest, at $270,200, followed by Orange County at $210,600, Ventura and Santa Barbara counties at $209,100, San Diego County at $183,100, with Riverside and San Bernardino counties at a relatively affordable $123,700.