COUNTY HOME SALES RISE; 10% GAIN 1ST IN 7 YEARS.Byline: Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Coit n. 1. A quoit. v. t. 1. To throw, as a stone. [Obs.] See Quoit. Daily News Staff Writer Ventura Ventura (vĕnt  `rə), city (1990 pop. 92,575), seat of Ventura co., SW Calif., on the Pacific coast in a farm and oil region; inc. 1866. County recorded a 10 percent increase in existing home
sales Existing Home SalesAn economic indicator of both the number and prices of existing single family houses, condos and co-op sales over a one-month period. Released monthly by the U.S. last year, the first annual gain in seven years, signaling a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. also marked by moderate price increases, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Association of Realtors officials reported Tuesday. Mirroring a statewide trend, sales of existing single-family homes were bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by their relative affordability. Sales in the county increased 10 percent from 1995 to 1996, compared with an 18.8 percent gain across California. The median price in the county increased 2.9 percent during the same period, compared with a 0.3 percent decline across the state. ``They should be pretty happy there. Things are getting better,'' said Gerd-Ulf Krueger, deputy chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the state association. ``If you look at the economic fundamentals, which point toward economic recovery, then you can say that home prices are very likely to increase and sales also.'' Ed Harpe, president of the Conejo Valley The Conejo Valley is a region spanning both Southeastern Ventura County and Northwest Los Angeles County in Southern California, United States. It was discovered in 1542 by Spanish explorer Juan Rodriguez Cabrillo, and eventually became part of the Rancho El Conejo land grant by Association of Realtors, said the momentum gained in 1996 is carrying into 1997. ``Good, moderate growth is what I see,'' said Harpe, who has sold and managed real estate in the region since 1969. Highlights of the state association's 1996 annual tally: California: Single-family home sales were 505,220 for 1996 compared with 425,390 for 1995 - an 18.8 percent increase. The median price was $177,630 for 1996 compared with $178,160 for 1995 - a less than 1 percent decrease. Ventura: Single-family home sales were 6,196 for 1996 compared with 5,633 for 1995 - a 10 percent increase. The median price was $205,720 for 1996 compared with $199,900 for 1995 - a 2.9 percent increase. Forty-four percent of California households could afford to purchase the median-price, single-family home at the end of 1996, up from 40 percent at the end of 1995. Assuming a 20 percent down payment on a median-price home that sold for $171,940 in December, a household needed a minimum annual income of $46,190. The monthly mortgage payment, including property taxes and insurance, would be $1,155. Thirty-eight percent of Ventura County households could afford to purchase the median-price, single-family home at the end of 1996, down from 42 percent at the end of 1995. Assuming a 20 percent down payment on a median-price home that sold for $228,170 in December, a household needed a minimum annual income of $61,300. The monthly mortgage payment, including property taxes and insurance, would be $1,530. While median prices for existing single-family homes in the county increased over the past year, Krueger said such a moderate increase is good news for the economy. He said homes should remain affordable in 1997 and beyond. ``If you have 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. appreciation, and it's not skyrocketing, it's good for the creation of wealth for people who own homes,'' Krueger said. ``If you have good balance there, then you have relatively good affordability and wealth creation.'' The state association's median price and sales data are based on reports from five boards or associations in the county. The association does not provide year-end median price and sales data for condominiums because of incomplete reporting among the five boards and associations. |
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