Ventura County housing marketing continues to improve!

Ventura County housing marketing continues to improve!

Ventura County’s housing market continued to show signs of improvement in June, as home sales experienced gains and home prices reached their highest level since August 2010, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said.

“Although home sales throughout the state continued to improve compared with a year earlier, we did see a modest dip compared with May,” said C.A.R. President LeFrancis Arnold.  “Potential home buyers are frustrated by limited number of homes on the market for sale and growing discouraged by signs that the economy is slowing.”

Closed escrow sales of existing, single-family detached homes in Ventura County declined 8.6 percent from May.  Ventura County June sales rose 8.5 percent from June 2011.

Ventura County home prices continued to improve, with the median home price posting gains for the fourth consecutive month. The statewide median price of an existing, single-family detached home was $320,540 in June.

June’s Ventura County price rose 1.3 percent from May and 8.1 percent from June 2011. The June 2012 figure was 30.7 percent higher than the cyclical bottom.

Ventura Countys housing inventory remained flat in June, with the Unsold Inventory Index for existing, single-family detached homes remaining at 3.5 months in June.  The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A 7-month supply is considered normal.

“The lack of inventory continued to impact California’s housing market this month.  Tight supply is putting upward pressure on home prices, but it also is restraining sales demand, especially in lower-price segments” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In June, sales below $300,000 declined 4.1 percent from the previous month, while sales of homes priced higher than $500,000 increased 2.3 percent.”

Interest rates continued their downward trend in June, with 30-year fixed-mortgage interest rates averaging 3.68 percent, according to Freddie Mac.

Ventura County homes are moving faster on the market with the median number of days it takes to sell a single-family home dropping.

Source: CAR

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