Housing Prices Still Rising, Report Shows

In a report that may add fuel to an already hot market, a real estate group confirmed Thursday what prospective housing buyers have known for months: Prices are rising.

The median price for homes in western Ventura County rose to $209,000 in July, nearly a 13% increase over July 1997, according to the report by the Ventura County Coastal Assn. of Realtors. Condominium sales also increased 6%.

The median price, the point at which half of the houses sold for more and half for less, is considered an accurate barometer of the broader market.

Total home sales were up in July, according to the report, growing from 352 in 1997 to 440 last month. The lag time between listing and the close of escrow also fell dramatically in July--from 85 days in 1997 to 67 days last month.

The report, which includes cities as east as Fillmore and Camarillo, is the latest confirmation of a tight housing market that has home buyers scrambling and median prices soaring.

Analysts say a growing economy, low mortgage rates and a dwindling supply are driving the boom.

Most analysts expect the market to continue its brisk growth into next year, possibly reaching price levels not seen since the real estate boom of the late 1980s.

“It’s approaching that level, but I hope it doesn’t get there,” said Jeff Comstock, president of the real estate group. “That market was a little overheated.”

For now, Comstock said buyers should purchase before prices rise again.