Sales, Prices Up in Hot Housing Market
A home-buying frenzy fueled by low interest rates and a strong economy pushed sales throughout the county this year to levels not seen since the housing boom a decade ago, analysts reported.
“It’s the best year since 1988, that’s for sure,” said John Karevoll, financial editor for Acxiom/DataQuick, a statistical research service. “And next year looks just as good. We have activity in all categories and all communities. There is nothing ominous that we can see.”
Through the first 11 months of this year, sales for detached single-family homes and condos were up 25.6% from 1997, and prices surged 8.8%.
Among Southland counties, Ventura was second only to San Diego in leading the regional real estate rebound. Orange County was third.
Sales are projected to reach 14,550 homes and condos for all of 1998, up 66% from seven years ago when the real estate market hit bottom, Karevoll said.
Not since 14,523 dwellings sold in 1989 has the market been so hot. The price of a typical Ventura County house has now rebounded from a low of $189,000 in 1995 to $223,000 this year.
