HOME PRICES SOAR.Byline: Gregory J. Wilcox Staff Writer Showing surprising strength, single-family home prices in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. soared 13.7 percent to $240,000 during April - just $5,000 below the all-time high, a real estate group reported Monday. The $29,000 jump in the median price over a year ago is driving bargain hunters Bargain Hunters was a game show on ABC in the summer of 1987, hosted by Peter Tomarken. Games Each episode featured six contestants, with two playing one of the following games — Bargain Quiz, Bargain Trap and Bargain Busters — at a time. into 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, a haven now for first-time buyers being squeezed by rising interest rates and prices, said the Van Nuys-based 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. ``I think that this jump in prices is a little surprising to us and is really a reflection of a very short supply and very high demand,'' said Jim Link, executive vice president of the Realtors group. Will it last? ``We've got kind of a wait-and-see attitude,'' Link said. The median price, the point at which half the homes sell for more and half for less, last hit this level in June 1990. Prices peaked in 1989, hitting $245,000. While prices have been climbing for months, market watchers had generally agreed that the pre-recession peak would not be reached until later this year or early in 2001. Price spikes in the past have been attributed to activity at the high end of the scale. But April's jump reflects strength throughout the market. ``It's really a case of higher prices in all categories, and frankly, there are very few listings available in the single-family category below $200,000 anymore,'' Link said. Escalating prices and interest rates combined to slow sales in April. Last month, 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 1,098 homes in the Valley, a decline of 9.1 percent from April 1999's 1,208 homes. Last week, the average interest rate on a 30-year, fixed-rate loan Fixed-rate loan A loan whose rate is fixed for the life of the loan. in California was 8.81 percent. ``With prices going up and interest rates going up I think you can see the reason why sales volume is down a little bit. You are pricing some people out of the market in terms of not being able to afford the monthly payment,'' said economist Tom K. Lieser, executive director of the UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX Anderson School's Business Forecasting Project. ``But there is still strong demand.'' Inventory has been tight for months, and it did not get any better during April. The number of active listings declined 20 percent last month, to 3,495 single-family homes. Experts say at the current sales pace the inventory should be a six- to nine-month supply, or up to 13,700 properties. With this kind of price and supply constraint, first-time buyers have moved into the condominium market. During April, Realtors sold 434 units, a year-to-year gain of 31.1 percent. That's an April record and the highest total since March 1989. The median price for condos was $133,000, $107,000 less than for a single-family home. Markets in the Conejo and Santa Clarita valleys 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. behaved in similar fashion last month. In 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 the median price was $397,890, compared with $299,595 a year earlier, the Conejo Valley Association of Realtors reported. Sales also slowed: 217 in April vs. 277 a year ago. One association official said a slowdown in home sales could be good for the booming market, and that the increase of almost $100,000 might be only a bump in sales of larger homes rather than a skyward sky·ward adv. & adj. At or toward the sky. sky wards adv. price hike.
In the Santa Clarita Valley the median price hit $240,000, an annual gain of 6.7 percent, while sales dropped 27 percent. CAPTION(S): chart Chart: Rising prices |
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