House Prices in Conejo Valley Decline; Sales Rise Moderately

The average resale price of houses in the Conejo Valley in July was $328,722, down 13% from a record high the previous month, the Conejo Valley Board of Realtors said Monday. Sales of houses, meanwhile, rose 8% from June.

The Conejo Valley includes Westlake Village, Newbury Park, Agoura and Thousand Oaks.

Mortgage interest rates, which rose earlier this year and dampened housing demand, declined somewhat during July. But the realty board said sales gains were limited because buyers took more time to shop for houses last month.

The average resale price of Conejo Valley houses in July dropped from an all-time high of $378,343 in June, but was 15% higher than the July, 1988, average of $287,151. A total of 194 homes were resold in the area, up from 179 in June but 42% fewer than the 335 resold a year earlier.

The average resale price of a condominium in the area also declined slightly to $195,271 from a record $201,075 in June, but was 35% higher than the average price of $144,915 a year ago. Sales increased 7% in the month to 74 from 69, but were down 45% from the 134 units sold in July, 1988.

Separately, the Simi Valley-Moorpark Board of Realtors said the average resale price of single-family houses in that region also fell in July, slipping 2% to $238,574 from $243,848. But last month’s average was up 25% from $190,929 a year earlier.

Housing resales in the region increased 7% from June, to 155 from 145, but were 35% lower than the 237 units sold a year ago.

Condominium sales in Simi Valley-Moorpark tumbled 33% last month, to 31 from 46 in June, and were off 54% from the 67 units sold a year earlier. The average condominium resale price was $150,597, up 7% from $141,286 in June and 30% higher than the average $116,197 in July, 1988.