Home Sales in California Rose Along With Prices
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Despite higher prices, 1988 statewide sales of existing detached houses rose to a nine-year high, according to the California Assn. of Realtors.
During 1988, 562,759 houses were sold in California, an increase of 9.8% from 1987. This was the best year since 1979, when 587,077 were sold. The median sale price in 1988 increased 18.4% from that of 1987 to $165,602.
However, in the city of Los Angeles, January sales of 241 detached houses and condominiums was 14% lower than in December although 33% higher than January, 1988, the Los Angeles Board of Realtors reported.
The median price for a detached house in parts of Los Angeles served by the board climbed to a record $469,000 during January. This was an increase of $110,000 from January, 1988.
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