Industry News

Southern California real estate prices hit record

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The Southern California real estate market rounded out the summer buying season with record prices and a near-record sales pace, a real estate information service reported. The median price paid for a Southern California home was $476,000 last month, the seventh record of the last seven months, according to DataQuick Information Systems. That was up 1.5 percent from $469,000 in July, and up 17 percent from $407,000 for August 2004. The median for resale houses was $501,000, passing the $500,000 mark for the first time. The median for resale condos was $403,000, passing the $400,000 mark for the first time. A total of 34,292 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, up 10.4 percent from 31,069 in July, and up 10.2 percent from 31,131 for August last year, DataQuick reported. Last month's sales count made it the third-strongest August in DataQuick's records, which go back to 1988. Sales in August 2003 we...