Ventura Home Prices Rose, Foreclosed Homes for Sale Dropped
As the percentage of repo homes for sale in Ventura County dropped in July, the median home sales price in the county in July increased.
Despite the increase, however, home price and sales levels were still lower than numbers in July last year.
The median price for homes and condos sold in Ventura County in July climbed up to $375,000, marking an increase from the $365,000 median in June and from the $355,000 median in May, based on data from a Southern California-based real estate research firm.
However, compared to the median sales price in the same month in 2008, the $375,000 July median marked a 10.7-percent drop from the $420,000 median in July 2008.
Across Southern California, the median home sales price in July increased compared to June, as home sales increased in higher-priced coastal areas and as sales of distressed foreclosure properties declined.
Additionally, home sales across the region in July increased by 18.6 percent compared to July 2008.
On the other hand, the number of houses and condo units sold in July in Ventura County dropped to 837 units, marking a drop of 3.8 percent from home sales in July 2008.
According to housing analysts in Southern California, the increase in home sales in July was driven by lower mortgage rates, increased affordability, availability of FHA financing and federal tax credits for first time home buyers, increased demand from investors and availability of financing for higher-priced homes.
The decision of the Federal Housing Finance Agency to increase temporarily its conforming loan limit to $725,750 this year encouraged many homeowners to move up.
According to the sales data, of the total houses sold in July in Ventura County, homes priced above $417,000 increased to 15.1 percent, the biggest percentage reached since August 2008.
On the other hand, the percentage of sales of foreclosure homes and condos fell to 43.4 percent, the lowest percentage posted since June 2008.
Despite the declining trend in sales of foreclosure properties and the increasing trend of home sales prices in Southern California, especially Ventura County, housing analysts are still hesitant to declare that home prices have bottomed out.
They explained that there are still uncertainties about the effects of current and future foreclosures and job losses. Many of them contended that home prices may linger at the bottom or just above the bottom for many more months.
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