Housing Values Increase : Home Prices Rise Slower Than Inflation

Appraised prices of existing single-family houses in seven Southern California counties increased from a combined average of $140,354 in April to $142,735 in October, according to the latest survey conducted by the Real Estate Research Council of Southern California.

The market price index of the 215 houses surveyed in Los Angeles, Orange, Ventura, Santa Barbara, Riverside, San Bernardino and San Diego counties increased 1.7% from April and 3.4% from October, 1984, according to David L. Parry, executive director of the council.

The report was released at the council’s quarterly luncheon meeting Thursday at Cal Poly Pomona.

Parry said that Southland home prices are increasing “moderately, and slightly below the general rate of inflation.”

In the October, 1985, survey, prices increased in every county surveyed, with Ventura County showing the greatest increase with 3.67% for the six-month period from April to October, and 6.6% for the one-year period October, 1984, to October, 1984.

Orange County reported the second highest six-month growth with 3.18% (3.55% yearly) and Santa Barbara County reported the second highest yearly increase with 6.49% (1.23% April-October, 1985).

San Bernardino County, which had experienced a strong increase in April, increased by only 1.2% in the six months since, Parry said. Los Angeles County, with 1.78%, showed about average semiannual growth and San Diego County’s six-month growth slowed to 1.53%, although the annual growth rate of 3.91% exceeded the seven-county regional average increase of 3.4%, he added.

Of the 215 houses surveyed, the appraised prices of 128 increased, 68 were unchanged and only 21 sample houses showed a price decrease, Parry said.

The increase of the price index to 308 (1975=100) represents three years of continuous growth in prices since the decline of 1982, he added.

Typical sample homes, along with the October, 1985 price and index and the April, 1985, price and index in parentheses, follow:

LOS ANGELES COUNTY

Panorama City, $85,000, 315 ($85,000, 315); Burbank, $135,000, 375 ($133,000, 369); Glendale, $195,000, 390 ($190,000, 380); Pasadena, $114,000, 485 ($112,000, 477); San Marino, $330,000, 471 ($330,000, 471); Pomona, $75,000, 300 ($75,000, 300); Whittier, $85,000, 387 ($85,000, 387); Long Beach, $215,000, 384 ($215,000, 384); Torrance, $130,000, 361 ($125,000, 347); Beverly Hills, $1,050,000, 488 ($1,030,000, 479); West Los Angeles, $285,000, 432 ($273,000, 359); Santa Monica, $170,000, 362 ($160,000, 340).

ORANGE COUNTY

Anaheim, $96,000, 295 ($95,000, 295); Fullerton, $145,000, 281 ($122,000, 274); Santa Ana, $98,000, 350 ($93,000, 332); Garden Grove, $113,000, 294 ($113,000, 294); Newport Beach, $160,000, 311, ($160,000, 311); San Juan Capistrano, $170,000, 281 ($165,000, 273).

RIVERSIDE & SAN BERNARDINO COUNTIES

Corona, $79,000, 304 ($79,000, 304); Riverside, $82,000, 278 ($82,000, 278); Ontario, $73,000, 336 ($73,000, 336); San Bernardino, $62,000, 264 ($62,000, 264); Rancho Cucamonga, $190,000, 306 ($187,000, 301).

VENTURA & SANTA BARBARA COUNTIES

Oxnard, $90,000, 360 ($83,000, 332); Thousand Oaks, $163,000, 308 ($145,000, 274); Ventura, $124,000, 394 ($120,000, 381); Santa Barbara, $190,000, 355 ($185,000, 346).

SAN DIEGO COUNTY

Pacific Beach, $145,000, 326 ($145,000, 326); La Mesa, $96,000, 295 ($95,000, 292); Chula Vista, $112,000, 212 ($105,000, 199); Poway, $295,000, 216 ($290,000, 212); Carlsbad, $135,000, 257 ($135,000, 257).