Sellers’ Market Keeps Going in the Santa Clarita Valley

The Southland Regional Association of Realtors recently stated that the Sellers’ Market Keeps Going in the Santa Clarita Valley With Record Prices and Exceptional Sales.

Virtually every month over the last four years in the Santa Clarita Valley residential housing market has yielded a new high in the median resale price and booming sales. Why should July be any different?

The median price of the single-family homes that closed escrow during July in the Santa Clarita Valley hit a record high of $580,000, up 16.0 percent over a year ago, the Southland Regional Association of Realtors reported on THursday, Aug.11.

It beat the prior record of $569,000 set in June of this year and continued an eight-year-long steady climb in prices. Today’s median is 208.5 percent higher than July 1997 when the single-family median hovered at $188,000.

Likewise, the condominium median resale price reported this July of $364,000 was a record high. It was up 14.8 percent over a year ago.

Both price records and exceptional July sales totals were driven by a dwindling inventory, unrelenting demand and interest rates on long-term home loans that remained near historically low levels even as federal officials this week yet again raised key benchmark rates.

"You’d never know it from the numbers, but the market is gradually changing," said Mike Davis, president of the Santa Clarita Valley Division of the Southland Regional Association of Realtors.

"There are still plenty of people hoping to buy, however they are not quite as quick to get into a competition with other buyers and there clearly is a price point where today’s buyers hesitate."

Despite rising prices, a total of 366 single-family homes changed owners last month in the Santa Clarita Valley. That was up 4.0 percent from a year ago, but down 9.6 percent from the record high 405 sales posted this June. It was a record high for the month.

Looking for Santa Clarita area homes? Click here to check out the latest listings!

Click here for our easy Automated Home Finder!

Linda Slocum
HoneyStartPacking.com
Santa Clarita Real Estate