Home Sales, Prices Post Decline for September

Sales of existing single-family homes and the median sale price in Ventura County dropped in September, but the county still remains the third most expensive in the state, according to the California Association of Realtors.

The number of single-family homes purchased in September fell by 8.3% from the previous month and by 33.5% from September, 1988, the association said.

The median sale price dropped 9% to $245,454 from August to September, but still is 11.4% higher than last year.

The Conejo Valley Board of Realtors said the number of home sales in the area dropped by half since September, 1988. Ralph Moll, president of the Oxnard Board of Realtors, said there has been some decline in Oxnard sales, but the market has been slow all year.

Existing house sales have been down since last spring, said Lotus Lou, a spokeswoman for the association. She said buyers have been put off by a combination of rapid price increases and rising mortgage interest rates. However, last year was the biggest year in the decade for home sales, Lou said. An increase of homeowners trading up into a larger and more expensive house and low interest rates contributed to the rise.

Some of the reasons for the change include a shift in sales to less costly areas of the county and an increase in sales of smaller homes.

San Francisco led the state as the most expensive place to live, with a median price of $266,085 in September. Orange County topped Ventura with a $250,885 median price, the association said.