COUNTY HOME SALES STILL RISING; SECOND-QUARTER FIGURES UP ALMOST 17 PERCENT OVER '96 TOTALS.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 County recorded a nearly 17 percent increase in existing-home sales during the second quarter of this year compared with the same period a year ago, and houses remain affordable despite higher prices, 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 said Tuesday. Mirroring a statewide recovery, the county's housing market is continuing to improve after last year marked the first annual gain since 1989. With increased sales reducing the inventory of homes, prices also are expected to continue rising, analysts said. ``We are at the beginning of a warming period,'' said G.U. 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 association. ``We might be just catching up with the overall recovery and we are probably at the beginning of the home-price appreciation cycle in Ventura County. It's not negative anymore.'' County home sales increased from 1,001 from April through June 1996 to 1,167 in the same period of 1997 for a 16.6 percent gain, compared with a 3 percent gain across California, 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 association's report. The median home price increased during the same period from $210,850 to $212,950, a 1 percent gain, according to the association's report. First-time buyers first-time buyer n → persona que compra su primera vivienda first-time buyer n → personne achetant une maison ou un appartement pour la première fois first-time buyer have accounted for a significant slice of the activity. Because those purchases mostly are under $250,000, the sales have not pushed up the median price significantly, said Chris McClintock Mc·Clin·tock , Barbara 1902-1992. American genetic botanist. She won a 1983 Nobel Prize for discovering that genes are mobile within the chromosomes of a plant cell. , a real estate broker with Century 21 Westlake Village. ``Out in the field, that is what we've seen. It's a positive sign for a lot of people,'' she said, noting that first-time buyers help existing homeowners move up in the market. McClintock, who has sold homes in the east county for 29 years, said the declining inventory of unsold homes has led to greater competition. ``The majority of good properties are entertaining multiple offers,'' she said. ``It started at the beginning of the year. It's been a wildfire trend.'' Stronger sales and price increases, however, are not expected to match the late 1980s, when the housing market boomed alongside the economy before California became mired mire n. 1. An area of wet, soggy, muddy ground; a bog. 2. Deep slimy soil or mud. 3. A disadvantageous or difficult condition or situation: the mire of poverty. v. in its most recent recession, Krueger said. Homes therefore are expected to remain very affordable in the county, he said. Forty-four percent of county households could afford to purchase the median-price, single-family home in June, up from 42 percent for June of last year. Assuming a 20 percent down payment was made on a median-price home of $206,200 in June, a household needed a minimum annual income of $57,210 to qualify for a home loan. The monthly mortgage payment on that home - including property taxes and insurance - would be $1,430, according to the association's report. Krueger noted that the affordability rate statewide was 38 percent and the national rate was 52 percent. ``That's a very good trend,'' he said. ``In terms of affordability, compared to the rest of Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , Ventura County is very competitive.'' |
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