The median price of a single-family dwelling in California was $453,590
in April 2004, a 24.6% increase from a year ago, CAR reported, and the
median price increased 5.8% from March to April.
The median price change in the High Desert has risen by 33.2%Palmdale,
Lancaster, Quartz Hill, Rosamond and the surrounding communities in the
Antelope Valley
This story appeared in the Antelope Valley Press on Saturday, May 29,
2004.
By ANN WISHART
Home price hikes in AV lead state
Valley Press Business Editor
--------------------------------------------------------------------------------
PALMDALE - The median price increase of an existing home in the Palmdale/Lancaster
area has outstripped the median price increase of resale homes in the rest
of California by almost 9%, according to the California Association of
Realtors.
The median price of an existing home in California in April increased
24.6% percent and sales increased 9.8% compared to the same period a year
ago, the association reported Tuesday. Since April 2003, the median price
change in the High Desert has risen by 33.2%, according to the report.
Real estate professionals in the Valley have been commenting on the shortage of inventory of previously owned homes in the Valley for several months. Home prices continue to rise and still the demand far exceeds supply.
Mark Troth, owner of Troth Realtors GMAC Real Estate in Lancaster, said the recent slight increase in mortgage interest rates has not been an issue in the Valley.
"So far, our market hasn't seen an effect. It's still churning as fast as it has in the last 2½ years," he said. He projects that as long as the rate, now at about 5.5% for a fixed rate mortgage, stays under 7%, home sales will stay hot. In his experience, 7% is a kind of "mental barrier" for buyers, the point at which sales begin to drop off. As long as rates don't go up fast, sales should stay active.
"We have a very, very, very good rate," Troth said. Even the additional fees recently passed by Palmdale probably won't affect sales.
"The most affordable houses are definitely here in the Antelope Valley," he said.
Sales around the state are benefiting from a regular, seasonal bump, according to a CAR spokeswoman.
"The median price of a home surged to another record in April as the traditional spring home-buying season got under way," CAR President Ann Pettijohn said. "Buyers concerned about potential interest-rate increases later this year jumped into the market, while the supply of homes for sale continued to shrink."
Median prices in Lancaster and Palmdale ranged from $150,000 to $399,000 with the majority of sales being near or above $200,000. Values in Lake Hughes rose 36.8% since April 2003, according to statistics published for April by Data Quick.
Most notable in the Valley was activity in Acton, where 22 homes sold for a median price of $509,000, nearly doubling the median price of a home compared to a year ago.
While things are heating up in Acton, to the southwest, a severe shortage of homes and record-high resale prices may be slowing the trend.
While still exceptionally strong, the residential resale market in the San Fernando Valley shows signs of cooling ever so slightly compared to a year ago, the Southland Regional Association of Realtors reported a week ago.
"Considering all the multiple offers being made, we'd have many, many more sales if only there were more owners willing to move," said Lynn Rinker, president of the Association. "Everyone would love to take advantage of the low interest rates, even if rates did move up slightly recently, but buyers and sellers have the same concerns: Isn't there anything else listed for sale? Why does this cost so much?"
The 1,154 single-family homes that closed escrow last month posted a record-high median price of $477,500. The median means half the homes were priced higher and half were priced lower.
The figure was 34.1% - or $121,500 - higher than a year ago April when the median price was $356,000. It broke the prior record of $442,000 set this March.
The median price of a single-family dwelling in California was $453,590 in April 2004, a 24.6% increase from a year ago, CAR reported, and the median price increased 5.8% from March to April.
"While demand for homes shows no signs of abating, California is simply not adding sufficient housing stock to the supply of homes for sale to meet this need," said Leslie Appleton-Young, CAR's vice president and chief economist. "This is a serious issue that California Realtors are addressing through a number of initiatives in Sacramento and on the housing affordability front."
Resale home inventory in April was only 1.7 months, down from 2.6 months in April 2003, CAR reported. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
awishart@avpress.com
MORE NEWS IN ROSAMOND CA - CLICK HERE
HOMES FOR SALE IN ROSAMOND CALIFORNIA - CLICK HERE
MORE NEWS IN CALIFORNIA CITY CA - CLICK HERE
HOMES FOR SALE IN CALIFORNIA CITY CALIFORNIA - CLICK HERE
rosamond, rosamond ca, rosamond california, lancaster, lancaster ca, lancaster california, palmdale, palmdale ca, palmdale california, antelope valley press, los angeles times, homes for sale, bakersfield californian, los angeles daily news, mojave desert news, the press enterprise, el chicano, san bernardino county sun, inland empire community newspapers, apple valley sun, mohave valley daily news, santa clarita - the signal