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Home Prices, Purchases in Southland Drop, TRW Says

June 28, 1992|Times Wire Services

Further evidence of the depressed Southland housing market emerged last week as TRW REDI Property Data released home price and purchase activity report for May. Year-over-year changes show a drop of more than 3% in average price and a staggering 24% in the number of homes purchased in the six-county region.

TRW REDI Property Data monitors real estate transactions based on county records and provides information to banks, title companies, appraisers and real estate consultants.

Average price of a home fell by 4% in Los Angeles County, 2% in Orange County and just under 5% in Ventura County in the year ending May, 1992. In San Bernardino and San Diego counties, prices remained fairly stable while Riverside recorded a price appreciation of about 2%.

Demand for both new and existing homes dropped significantly, according to TRW. Overall number of homes purchased for the year ending May, 1992, fell 24%.

Average Prices All Homes ($)

May 1991 May 1992 Percent change Los Angeles 257,946 247,185 -4.2 Orange 256,007 250,234 -2.2 Riverside 154,859 158,101 2.1 San Bernardino 141,509 140,431 -0.7 San Diego 211,094 210,268 -0.4 Ventura 242,911 231,669 -4.6

Number of All Homes Sold

May 1991 May 1992 Percent change Los Angeles 9,695 7,324 -24.4 Orange 4,195 2,980 -28.9 Riverside 2,669 1,977 -25.9 San Bernardino 2,565 2,134 -16.8 San Diego 3,016 2,488 -17.5 Ventura 1,054 811 -23.0 S. California 23,194 17,714 -23.6 Southern California Home Purchases By Price Range (Percent of Total) Price Range ($) May 1991 May 1992

Southern California Home Purchases by Price Range (Percent of Total)

Price Range May 1991 May 1992 Less than 175,000 43.8 47.1 175,001-250,000 29.0 28.2 250,001-325,000 13.1 11.9 325,001-600,000 11.7 10.2 More than 600,000 2.4 2.6

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