HOME SALES DROP BUT PRICES HIT RECORD HIGH.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, - Homes sales slumped in January 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. , but the median price hit a new record - $620,000, a real estate trade group reported Thursday. The number of homes sold in the first month of the new year was 21 percent less than January a year ago, a sign that the market is leveling off and that buyers are gaining the upper hand, said Peggy Mueller, president of the Santa Clarita Division of 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. Regional Association of Realtors. ``I think everything's leveling off a little bit,'' Mueller said. ``Rather than having the huge spikes spikes see peplomer. we had last year, I think we're in a more normal market again, which is good for both buyers and sellers.'' Where houses often were selling the day they were listed during the hot markets of 2004 and '05, properties are sitting on the market weeks at a time as buyers check their options, she said. ``They're staying on the market long, even those priced well. But interest rates are sneaking up, which means things might start selling again more quickly because people are afraid they'll keep going up.'' The $620,000 median price of a single-family home compares with $510,000 the previous January, and $600,000 in December '05. Sales of condominiums, the affordable alternative, followed a similar pattern, hitting a record median price of $397,000 but declining in terms of the numbers sold. 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 82 condos in January, the lowest for the month since 2001. Jim Link, the association's executive vice president, said demand remains strong but that rising interest rates and normal market leveling appear to have slowed the pace. The January decline might actually help the market because it will result in more houses on the market, giving buyers more choices. ``No region can sustain four years of 20 percent-plus annual increases in resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. prices,'' Link said. ``Sooner or later, the market must pause so the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in activity during January actually is welcome news.'' Mueller anticipates a surge across the board in the coming months. ``Springtime brings out more people,'' she said. Patricia Farrell Aidem, (661) 257-5251 pat.aidem(at)dailynews.com |
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