Home Sales Level Off After Recent Decline

After months of decline, Ventura County home sales leveled off in October, nearly matching the number of homes sold during the same month last year.

Countywide, 727 homes were sold in October, down slightly from 730 sold in October, 1994, according to TRW-REDI Property Data.

For local real estate agents, the nearly flat number is a welcome change in a year when housing sales have lagged well behind last year’s, often by 20%. During the first 10 months of 1995, 6,968 homes were sold in the county, compared to 8,330 during the same period last year. Sales have fallen despite low interest rates and a drop in the county’s unemployment rate. John Anderson, president of the Ventura Assn. of Realtors, said such positive economic news may finally be affecting potential home buyers.

“People buy a house when they’ve got a job, and when you see the unemployment rate dropping down. . . . Those people that have got jobs are ready to buy.”

Nima Nattagh, an economist with TRW-REDI, warned that the sales slump may not have ended yet. Home prices throughout Southern California are still falling, he said. And while October’s sales figures show little change from last year, the overall slide in sales began last October and November.

“They look good compared to last year because last October wasn’t that good to begin with,” he said.

Still, some local real estate agents have seen their business improve. Debbie Rodgers Teasley, district manager of Coldwell Banker Town & Country in Moorpark, said sales at her office through October have increased 54% over the same period last year.

“I think the market is turning, but that’s with qualifications,” she said. “I certainly wouldn’t want to give anyone any false hope, because we’re entering a traditionally slow time of year.”