HOUSING MARKET BARRELING ALONG; AUGUST SALES HIGHER THAN LAST YEAR IN SANTA CLARITA VALLEY.Byline: Mary Schubert Daily News Staff Writer Home sales valleywide continued at strong levels during August, when purchases of 252 existing houses closed 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. - a level 49 percent higher than this time last year, a real estate group reported Monday. Those resale transactions fell short of July's record-high 313 sales, but 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. Association of Realtors said prospective buyers nonetheless were responding to low interest rates that created favorable conditions to secure a mortgage. ``The local residential real estate market is the best it has been in the last 10 years,'' Nancy Starczyk, president of the association's 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, division, said in a statement. ``Buyers are snapping up properties within days of (them) being listed for sale,'' Starczyk added. ``The best advice is if you want to buy or sell, don't wait.'' The association reported that the median price of single-family homes that closed escrow 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. during August was $209,000, an 11 percent gain from the same period last year - and 2.4 percent higher than July's level. The median price for condominiums, meanwhile, was $119,000 - a 5.8 percent increase from last August, but a 2 percent dip from July, statistics said. Real estate agents said there isn't a glut glut pronounced as rut, slut Vox populi An excess of a service or skilled labor in a particular area. See Physician glut. of homes available for sale, a factor likely influencing the selling prices. Of all the residential properties listed for sale in the Santa Clarita Valley during August, 749 were houses and 265 were condominiums. ``Resale prices are rising steadily, but not at the madcap pace of earlier this year,'' Jim Link, executive vice president of the Association of Realtors, said in a statement. ``Realtors appear to be doing a good job advising owners to keep their asking prices within reason.'' Starczyk said that, because of the upswing Upswing An upward turn in a security's price after a period of falling prices. in the real estate market, families who have wanted to sell their homes since the recession began in the early 1990s are only now able to do so without losing money. ``A 10- to 15-year cycle to recapture recapture n. in income tax, the requirement that the taxpayer pay the amount of tax savings from past years due to accelerated depreciation or deferred capital gains upon sale of property. (See: income tax) RECAPTURE, war. investment is too long for any local market. It ties up properties,'' she said. |
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