by Calculated Risk on 11/15/2005 06:32:00 PM

DataQuick reports on Southern California: Southland home sales, prices still near peak

Southland home sales were up slightly for the third month in a row, led by strong sales in the Inland Empire and increased inventory levels regionwide. Appreciation rates remain in the mid-teens, a real estate information service reported.

A total of 28,489 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 10.2 percent from 31,470 in September, and up 1.1 percent from 28,189 for October last year.

DataQuick President Marshall Prentice remains optimistic:

"The big question is still whether or not the real estate market will end this cycle with a crash, or with a soft landing. Right now the latter scenario is still the most likely. Home values have doubled in the past four years and almost all, if not all, of those gains are here to stay."