BLAZING HOME MARKET PUSHES MEDIAN PRICE PAST $300,000.Byline: Heather MacDonald Staff Writer SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, - The Santa Clarita Valley's sizzling siz·zle intr.v. siz·zled, siz·zling, siz·zles 1. To make the hissing sound characteristic of frying fat. 2. To seethe with anger or indignation. 3. real-estate market showed no signs of cooling in June, as the median price of a house passed $300,000 for the first time, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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. Association of Realtors. 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 last month on 346 single-family homes with a median price of $319,000, which is 16.4 percent higher than a year ago, shattering the previous record of $295,000 set in May, according to the report released Monday. ``The market is very strong,'' said Tacie Jares, president of the association's Santa Clarita division. Escrow closed last month on 154 condominiums with a median price of $183,000, an increase of 16 percent as compared with a year ago, officials said. However, the high demand has created a serious shortage of homes listed for sale in Santa Clarita, according to Jares. ``There are many, many more buyers than active listings,'' Jares said. ``I do not perceive any fundamental flaws in the market, other than the dire shortage of properties listed for sale.'' There are 561 homes for sale, which is about a one-month supply at this sales pace. Realtors say they prefer having a five- or six-month supply of homes on hand. ``Supply is simply not keeping up with demand in 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. ,'' said Jim Link, the association's executive vice president. ``Realtors were having a difficult time satisfying normal demand for housing even without the added pressure generated by low interest rates and the desire for real estate as a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investment.'' A year ago, there were 38 percent more homes on the market, according to the report. Especially scarce are homes and condominiums with asking prices of less than $300,000, according to the report. CAPTION(S): photo Photo: (color) The median price for a single-family home in the Santa Clarita Valley hit $319,000 in June. ``Supply is simply not keeping up with demand in the Santa Clarita Valley,'' said Jim Link, vice president of the Southland Association of Realtors. David R. Crane/Staff Photographer |
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