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June Home Sales Are the Strongest in 4 Years

July 24, 1994|Special to The Times

June was the strongest home sales month for Southern California in four years, La Jolla-based Dataquick Information Systems reported.

A total of 21,288 new and used houses and condos were sold in Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties in June. That was up 11.4% from 19,109 in May and up 28.5% from 16,563 for June last year, Dataquick reported.

Last month's total was the highest for a single calendar month since June, 1990, when 22,827 homes were sold.

"Prices are stabilizing, and lending institutions are being very accommodating in providing purchase loans," said Dataquick CEO Donald L. Cohn.

"Lenders are hungry for purchase business now that the refinance surge is over. There are some very affordable loans out there for home buyers, especially adjustable-rate loans.

"Last year's nasty price declines have leveled off, and I think that's important to buyers. It's hard to make a purchase decision if you think that what you're buying is going to decrease in value," Cohn said.

The median price paid for a home last month was $172,000. That was up 2.4% from $168,000 in May and down 1.1% from $173,000 a year ago. The lowest median during the last five years was reached in January and February at $165,000.

Southland Home Sales

Area No. Sold No. Sold Pct. Med(K) Med(K) Pct. 6/93 6/94 Chng 6/93 6/94 Chng Los Angeles 6,761 8,685 28.5% $179 $175 -2.2% Orange County 2,866 3,632 26.7% $203 $205 1.0% San Diego 2,871 3,353 16.8% $169 $171 1.2% Riverside 1,493 2,230 49.4% $133 $129 -3.0% San Bernardino 1,730 2,118 22.4% $129 $127 -1.6% Ventura 842 1,270 50.8% $195 $200 2.6% So. California 16,563 21,288 28.5% $173 $171 -1.2%

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