Home Sales Up 60%, Jobless Rate Points to Better Economy

Residential housing sales in Ventura County soared to what one analyst called “spectacular” levels last month, increasing nearly 60% over the year-ago level.

A total of 986 new and previously owned homes closed escrow in March, giving the county its eighth consecutive monthly increase, reports Dataquick Information Systems.

The total, which includes single-family homes and condominiums, is 60% above the figure for March, 1993, and amounts to the largest year-to-year gain for any Southern California county since May, 1991.

“It’s truly a spectacular performance,” Dataquick analyst John Karevoll said. He attributes the strong showing to two recent developments--the apparent bottoming-out of interest rates and a brightening economic outlook. “People figure it’s now or never if they’re going to get low mortgage rates. And the economy seems to be inching its way upward, giving buyers the confidence to make a move.”

Despite the improved market, housing prices in the county remain soft. The median sales price in March was $202,000--8% less than a year ago.

Another reporting service, TRW REDI Property Data, said Ventura County home sales in the first quarter were up, but not nearly as dramatically as in March alone. A total of 1,907 new and previously owned homes closed escrow in the first three months of the year, 18% more than a year earlier, TRW REDI reported.

Supporting Karevoll’s remarks about a strengthening economy, the jobless rate in the county fell to 8% in March from 9% in February. More than 5,000 new jobs were created during March, according to the state Employment Development Department.