AREA HOUSING SALES DOWN FOR MONTH; PLUNGE ATTRIBUTED TO SEASONAL FACTORS, NOT DECLINE IN DEMAND.Byline: Gregory J. Wilcox Staff Writer Home buyers turned a cold shoulder to the Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. real estate market during November, sending sales of single-family houses plunging plunge v. plunged, plung·ing, plung·es v.tr. 1. To thrust or throw forcefully into a substance or place: 16.9 percent from year-ago levels, a trade group said on Monday. Escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. closed on 182 single-family homes last month, vs. 219 in November 1998, said the monthly report from the Southland south·land or South·land n. A region in the south of a country or an area. south  land·er n.Noun 1. Regional Association of Realtors. The condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. market softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. , too, with sales dropping 10.8 percent to 74 units from 84 units in November 1998, the agents' group said. In total, sales slipped 15.2 percent on an annual basis. It did not surprise some market watchers, who point out that sales typically slow as year-end nears. ``I think it's pretty much what we expected. Realtors typically scale down their activity this time of year,'' said Nancy Starczky, president of the Santa Clarita Valley division of the Realtors group. ``We don't have as many Realtors pounding the pavement pavement, the wearing surface of a road, street, or sidewalk. Parts of Babylon and Troy are believed to have been paved; Roman roads were noted for their durable stone paving. Cobblestones were common from late medieval times into the 19th cent. this time of year. They like to enjoy the holidays. You hit it hard at the beginning of the year,'' she said. ``The economy is still good and everybody is having a little bit of fun right now.'' This sales slump did not cool prices, though. For a single-family home, the median price - the point at which half the homes sold for more and half for less - jumped 8.8 percent to $236,000 from $217,000. The median price for a condominium remained unchanged at $135,000, the trade group said. Industry insiders remain upbeat about the market, saying it is settling into a normal pace. ``Frankly, I was more surprised by the incredibly busy summer than I am by a return to seasonal patterns. Given the number of people hunting for homes, I really expect sales to pick up again very soon,'' Starczky said. Jim Link, executive vice president of the agents' group, noted that the area's market remains vibrant and that some kind of slip was expected after the strong performance of last year. ``I believe this (sales drop) reflects a seasonal pattern and does not in any way suggest the Santa Clarita Valley market is losing momentum. The demand for housing is simply too strong and the economy too good for this to be anything but a short-term blip on the screen,'' he said. Some numbers suggest he is right. At month's end there were 353 pending escrows - a leading indicator Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. of future sales - a whopping 52.2 percent ahead of November, 1998. The market inventory is also increasing. Single-family homes accounted for 881 listings last month, up 28.1 percent from a year ago. Condominium listings rose 12.6 percent, to 322 units. CAPTION(S): Chart Chart: Price Appreciation |
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