Home Prices Soar 9.8% to Record $246,000

Home prices reached a record high in September in Ventura County as sales dipped slightly, but analysts said the action was little more than a ripple in a market that has seen steady growth.

Countywide, average median sales prices rose 9.8% from the same period last year--from $224,000 to $246,000, according to a report released Wednesday.

That is $2,000 higher than the record median home price posted in the county in June. The median is the price at which half the homes sold for less and half sold for more.

However, housing sales dropped by nearly 2% from the same period last year, a tiny change, with 1,374 homes sold this year compared with 1,396 in September 1998.

The rise in median prices came despite the fact that mortgage rates remained at about 7.5% last month, about 1% higher than the same time last year, and even three months ago, but well below the decade high of about 10% in 1990.

The report included new and resale homes as well as condominiums.

“We’re in a state of unique balance when it comes to real estate,” said John Karevoll, an analyst at Acxiom / DataQuick, which released the report. “There’s no frenzy out there. I’m sure a lot of people in sales would like a surge, but as far as overall health is concerned, numbers people like to see predictability and a steady pace. And that’s what we have now.”

Newbury Park saw some of the biggest gains in September, including a quarter-fold increase in the number of homes sold--from 98 last year to 123 this year. Median home prices rose from $264,000 to $310,000.

That is in part because of new housing developments like Dos Vientos, which are drawing Newbury Park residents seeking larger homes, said Nancy Taylor, an agent at Coldwell Banker Town & Country.

“This is across-the-board,” she said. “Whatever’s out there, all houses in the area, the prices have risen. A lower-priced house, under $250,000, will go very, very quickly.”

Saticoy posted a 34% drop in sales from the same time last year, but saw prices rise about 5% to $225,000.

The eastern end of Simi Valley posted a drop of about 22% in sales but saw average prices rise about 6% to $254,000.

David Spasiano, a broker at ReMax Gold Coast Real Estate in Ventura, credited the drop to a dearth of real estate in those areas.

“The product’s just not available [in some places],” he said. “It has nothing to do with the area.”

Only Santa Paula and Oak View saw housing prices fall significantly. The median price in Santa Paula dropped from $169,000 to $142,000, while the median in Oak View dropped from $176,000 to $161,000.

Agents said sales will naturally slow through the fall as the holidays approach and people put their moving plans on hold. Nonetheless, they are expecting a continued smooth ride, even if the Federal Reserve Board raises the prime rate to stave off inflation.

“I think we’ll see [mortgage] interest rates rise before the end of the year,” Spasiano said. “But I think we’ll still have a pretty smooth run.”