Southland Home Sales Neared a Peak in June

Home sales in Southern California had their second strongest month in 12 years as prices approached a new peak in June, the result of steady demand and strong entry-and mid-level markets, a real estate information service reported.

A total of 30,008 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month.

That was up 10.7% from 27,107 for May and down 1.1% from 30,346 for June last year, according to DataQuick Information Systems.

The sales count for June last year was the strongest since August 1989, when 32,145 homes were sold. No calendar month of the 1990s had sales higher than 30,000.

“We’re surprised. It has been apparent for a while that any economic slowdown would lag in its effect on home sales. It appears that demand is being generated at a steady pace and that potential buyers are finding homes they can afford,” said Mike Ela, DataQuick president.

The median price paid for a Southland home was $233,000 last month, a new record. That was up 3.1% from $226,000 for May and up 11% from $210,000 for June last year.

DataQuick, a subsidiary of the Canadian company MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data, the numbers for Riverside and San Bernardino counties include estimated sales for the last days of the month.

The typical mortgage payment to which buyers committed themselves was $1,205 in June.