Ventura County Home Sales Post Higher in February & Inventory Remains Low

Recent improvements in the overall economy, combined with extremely low interest rates lifted Ventura County home sales from both the prior month and year in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The median price dipped from January and is beginning to show signs of stabilization for Ventura County.

“While the median home price dipped in February, the year-over-year decline was the smallest recorded since December 2010,” said C.A.R. President LeFrancis Arnold. “This may be a signal of a possible stabilization in home prices, which should bode well for prospective buyers who have been on the sidelines waiting for prices to level out and may entice them to jump into the market.”

Ventura County’s February sales were up 2.1 percent from January Ventura County’s sales and up 5.5 percent from Ventura County sales in February 2011.

C.A.R. Vice President and Chief Economist Leslie Appleton-Young says “Recent encouraging signs in the GDP, employment picture, and consumer confidence suggest that a growing economy is in the making. All this, combined with continued-low mortgage rates, lays out a good foundation for the housing market to continue to grow as we enter the spring home buying season.”

The Ventura County median price of an existing, single-family detached home dipped 0.6 percent to in February from January’s median price.  Ventura County’s median price was down 1.7 percent from February 2011.

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