MEDIAN PRICE OF A HOME IN SCV UP 11% IN TWO MONTHS HIGHER INTEREST RATES DON'T SLOW DEMAND IN RED-HOT MARKET.
Byline: Nicholas Grudin 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, - The median cost of homes skyrocketed to $395,000 in July, continuing a record-setting summer for pricing, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. figures released Thursday.
Despite rising interest rates, the appreciation of Santa Clarita real estate has been on a fervent pace with average prices rising from $355,000 in May to $395,000 in July, up 11 percent.
``It's indicative of how strong the housing market is, and how tight it is, especially up in Santa Clarita where demand far exceeds the supply,'' said Jim Link, the executive officer of the Southland south·land or South·land
A region in the south of a country or an area.
Noun 1. Regional Association of Realtors.
This year, the Santa Clarita housing market is on pace to outdo its annual median pricing record by 16 percent.
In 2002, the average price of homes in Santa Clarita hit an annual record high of $313,000.
So far this year, that record is being shattered shat·ter
v. shat·tered, shat·ter·ing, shat·ters
1. To cause to break or burst suddenly into pieces, as with a violent blow.
a. , with the annual average home price to date marked at $362,000.
The median price was $380,000 in June.
Tacie Jares, the president of the Santa Clarita branch of the Southland Realtors Association, has been predicting that the median price of Santa Clarita homes would top $400,000 before the end of the year.
Thursday, as Jares worked on closing nine home sales, she was not surprised by the news of the July price increase.
``Even with the interest rates, the market is still strong,'' Jares said.
The median price of Santa Clarita condominiums also rose substantially, going from $240,000 in June to $250,500 in July, a 4 percent increase.
But Link worries that the bull market may buck Buck
after murder of his master, leads wolf pack. [Am. Lit.: The Call of the Wild]
See : Dogs
clever and temerarious dog perseveres in the Klondike. [Am. Lit.: Call of the Wild]
See : Resourcefulness some riders.
``With prices going as high as they are, you reach a point where buyers will not be able to afford to buy homes,'' Link said.
Link believes that the rising interest rates, which began in July, will not be reflected in the market until this month and beyond.
``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 been able to afford it because the interest rates were so historically low, so as interest goes up, that will equate e·quate
v. e·quat·ed, e·quat·ing, e·quates
1. To make equal or equivalent.
2. To reduce to a standard or an average; equalize.
3. to a lot of people not being able to afford the home that they'd like to buy,'' Link said.
The Southland Association of Realtors will release more extensive housing market statistics next week, Link said.
(color) Despite rising interest rates, sales of homes like these under construction in Plum Canyon continue strongly. The median price of a home 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. is now $395,000.
David R. Crane/Staff Photographer