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Second-Quarter Home Sales Strongest in Five Years

July 28, 1996

Southland home sales in the second quarter of 1996 were the strongest in more than five years, according to DataQuick Information Systems.

A total of 60,970 new and resale houses and condos was purchased during the April-to-June period, up 36.5% from 44,672 for the previous three-month period and up 24.8% 48,842 from last year's second quarter, the real estate information service reported. Last quarter was the strongest since third-quarter 1990, when sales totaled 64,562.

"We're actually close to what could be called a 'normal' market," said Donald L. Cohn, DataQuick CEO. "Sales are up from the low levels of the past few years but still well below the overheated pace of 1989 and 1990.

"Prices are stabilizing, and with today's interest rates, homeownership is within reach of most potential buyers."

The median price paid for a home last quarter was $162,000, up 0.6% from $161,000 a year ago. The year-over-year increase in median price was the first since 1991.

The rise in foreclosure activity that Southern California experienced earlier this year has declined significantly, DataQuick said. A total of 7,990 homeowners was drawn into the foreclosure process in June, the lowest number since 7,448 last September and well below the all-time peak of 10,831 last March.

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Second Quarter Home Sales

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All Homes Sold Sold Chng Med($K) Med($K) Chng '95 '96 '95 '96 Los Angeles 20,314 23,993 18.1% $164 $163 -0.6% Orange County 7,771 10,737 38.2% $195 $195 0.0% San Diego 7,297 9,349 28.1% $164 $168 2.4% Riverside 5,672 7,358 29.7% $127 $126 -0.8% San Bernardino 5,307 6,617 24.7% $121 $120 -0.8% Ventura 2,481 2,916 17.5% $188 $195 3.7% So. California 48,842 60,970 24.8% $161 $162 0.6%

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