SoCal real estate frenzy continues

Home sales and prices in Southern California surged again in June to new highs, the result of strong demand and an increased number of homes on the market, according to real estate information service DataQuick.

A total of 34,731 homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in June. That was up 11.5 percent from May's 31,151 and up 10.7 percent from 31,369 for June last year, according to DataQuick.

Last month's sales count was the highest since 35,339 homes were sold in August 1988. Sales in San Bernardino and Riverside counties hit record highs.

"There are still more buyers than sellers out there, but the increase in the number of for-sale signs means there's more balance between supply and demand. We expect sales to remain strong throughout the summer. We also expect appreciation rates to ease back somewhat during the next few months," said Marshall Prentice, DataQuick president.

The median price paid for a Southern California home was $406,000 last month, a new record. That was up 2.5 percent from $396,000 in May, and up 26.5 percent from $321,000 for June 2003.

DataQuick, a subsidiary of Vancouver-based 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.

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