Prices Shows Signs of Leveling Off
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The Southern California residential real estate market showed surprising strength last month, posting sales gains for the eighth month in a row and showing signs that the steadily falling prices of the past two years may be leveling off, a real estate information service reported.
A total of 12,921 new and used condos and houses were sold in Los Angeles, Orange, Ventura, San Bernardino, Riverside and San Diego counties last month. That was up 7.5% from 12,024 in January and up 26.4% from 10,222 in February a year ago, Dataquick Information Systems reported.
The sales increase was strongest in Orange County, at 65%, while sales levels were up only 14.5% in Los Angeles County.
Condo prices were up 2.2%, from a median $139,000 a year ago to $142,000 now. The median for a newly built home was $168,000 last month, the same as a year ago.
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