3/27/2006

Southern California Still Sells

In Southern California, sales of new single-family houses and condominiums saw their strongest February since 1988, according to statistics compiled by real estate research firm DataQuick Information Systems. Last month, sales rose 9.5% to 4,980 from January's 4,550, and were up 19% from the year before. (Los Angeles Times, March 25, 2006.)

As we've been saying for some time, the local economy is diverse enough, and the housing supply is tight enough, that in spite of the rising inventory, overall conditions still create a demand for real estate. Condominiums are often the more affordable option for first-time buyers as it's still possible to find a 2-bedroom unit for $450,000-$500,000, or less, depending on the area and size of the unit, but some within blocks of the shoreline may still be found at this price.

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