Resale of Ventura County Homes Up 35% Over Last Year

The summer surge in Ventura County home sales continued in August, with resales of single-family houses 35% ahead of the same month last year.

One analyst predicts that the county’s real estate market will remain relatively strong at least through October.

A total of 596 previously owned houses were sold in the county last month, up from 580 in July and 442 in August, 1992, according to the Southern California Real Estate Observer newsletter.

The median resale price last month was $215,000, up from $210,000 in July and unchanged from August, 1992.

“By far, mortgage rates are the most important factor in the upturn,” said John Karevoll, editor of the newsletter, which reports escrow closings tracked by Dataquick Information Systems. “When rates on 30-year mortgages fell below 7%, people were bound to start buying.”

However, low mortgage rates aren’t helping revive sale prices for the condominium market. Condominium resales in August totaled 138, compared to 136 in July and 110 a year earlier. The median price for previously owned condos was $135,000 last month, down 8% from $147,000 in August, 1992.

A total of 148 new homes, including condos, were sold in the county last month, compared to 105 in July and 114 in August, 1992. The new-home median price was $195,000 in August, 17% below the median of $235,000 in the same month last year.