County Housing Sales Off Nearly 25% in July

Sales of single-family housing in Ventura County during July took the steepest monthly dive of any region in the state, according to the California Assn. of Realtors.

Escrow closings in the county fell nearly 25% below those in June, the group reports. Statewide, sales declined 8%. Contrasted with July, 1993, the county’s house sales were down less than 1%.

The median price for houses sold in the county was $204,000 in July, down nearly 6% from June, and 3% below the median price of a year earlier. The median price represents the point at which half the houses sold for more and half sold for less.

Rising mortgage rates are not the only culprits in the sudden housing downturn, suggests R. Scott Hoover, recently promoted to countywide manager of Norwest Mortgage Inc.

“Job security is a person’s No. 1 concern when it comes to buying a home and taking on a new mortgage,” he says. “If you’re a little shaky about your job situation, you’re going to think twice before buying. That’s especially true if loan rates are up a point or two, as they are over six months ago.”