HOME SALES AT FIVE-YEAR LOW REGIONAL PRICES HOLD STEADY AT MEDIAN $595,000.Byline: Patricia Farrell Aidem 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, - Someone finally threw some water on the red-hot housing market in Santa Clarita, where sales fell to a five-year low for the month of November, 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. a monthly report issued Friday by a trade group. But while sales closed on 235 homes last month - compared with 299 in November last year - the record sales price held steady at a median $595,000, according to a report by the 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, Association of Realtors' 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. division. Local sales have been setting records for nearly three years with median prices jumping by two-digit percentages since 2000. The median price of a single-family home that year was $242,000. Still November through February is typically slower for home sales. Coupled with rising interest rates, industry experts have expected things to taper off Verb 1. taper off - end weakly; "The music just petered out--there was no proper ending" fizzle, fizzle out, peter out discontinue - come to or be at an end; "the support from our sponsoring agency will discontinue after March 31" 2. but are confident the ``bubble'' won't burst, at least locally where a limited inventory has been feeding demand. 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. sales are following the same pattern. Realtors sold 100 condos in November, compared with 147 the same time last year; 143 in November 2003; 152 in 2002 and 110 in both 2000 and 2001. The median price slumped $10,000, to $385,000 - more than triple the 1999 median. Mike Davis, president of the association's local division, doesn't see prices dropping. ``Prices may float up and down around the record highs,'' Davis said. ``But one thing is clear: housing is not going to get any cheaper.'' Jim Link, the association's vice president, predicted that the market would stay healthy through 2006, but that the recent buyer frenzy Frenzy Beatlemania term referring to the Beatles’ (rock musicians) immense popularity; manifested by screaming fans in the 1960s. [Pop. Culture: Miller, 172–181] Big Bull Market will be replaced by consumers taking their time before taking the plunge. ``No one thinks the seller's market is over or that resale prices will fall below current levels,'' Link said. ``However, it is clear that buyers have a little more time to weigh their options, that there are more properties listed for sale and that sellers no longer can list properties well in excess of comparable sales support.'' Patricia Farrell Aidem, (661) 257-5251 pat.aidem(at)dailynews.com |
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